Internationally, overnight interest rates play a significant role in determining the yield
curve. Going forward, the point of departure for Switzerland's yield curve will be SARON®,
a reference rate based on data from the Swiss franc repo market and therefore replacing
the Repo Overnight Index (SNB). Repo transactions represent an important instrument for
banks in their daily liquidity management activities. Repo transactions have become a key
pillar of the money markets - even the Swiss National Bank (SNB) uses repo transactions
as a means of implementing its monetary policy. The new reference rate, SARON, will play
an influential role in financial markets
The Swiss Reference Rates comprise a total of 32 benchmark rates that cover a term spectrum ranging
from overnight (ON) to 12 months (12M) plus two distinct indices for the ON term. The relevant
calculations are based on CHF repo transactions concluded in the interbank market as well as on
indicative quotes posted on the Eurex Zurich Ltd trading platform.
Terms to maturity
Swiss Reference Rates
Average Rates
Current Rates
Average Indices
Current Indices
Historical values
Overnight ON
SARON
SCRON
SAION
SCION
Tom/Next TN
SARTN
SCRTN
Spot/Next SN
SARSN
SCRSN
1 Week 1W
SAR1W
SCR1W
2 Weeks 2W
SAR2W
SCR2W
3 Weeks 3W
SAR3W
SCR3W
1 Month 1M
SAR1M
SCR1M
2 Months 2M
SAR2M
SCR2M
3 Months 3M
SAR3M
SCR3M
6 Months 6M
SAR6M
SCR6M
9 Months 9M
SAR9M
SCR9M
12 Months 12M
SAR12M
SCR12M
IMM March Contract
SARMAR
SCRMAR
IMM June Contract
SARJUN
SCRJUN
IMM September Contract
SARSEP
SCRSEP
IMM December Contract
SARDEC
SCRDEC
Index information
Description
Download
Rules governing the Swiss Reference Rates
Swiss Reference Rates factsheet
The regulations on the Swiss Reference Rates were drawn up in collaboration with the SNB. SIX Swiss Exchange Ltd
can make modifications to the regulations in consultation with the SNB. Calculation and publication
of reference rates is carried out by SIX Swiss Exchange Ltd.
Static data terms to maturity Overnight (ON)
ISIN
Symbol
Name
Description
CH0049613687
SARON
Swiss Average Rate ON
Interest rate
CH0049613901
SCRON
Swiss Current Rate ON
Interest rate
CH0100517157
SAION
Swiss Average Index ON
Index value
CH0100484986
SCION
Swiss Current Index ON
Index value
Static data of all SIX Swiss Exchange indices
Description
Download
Current list of all indices and rates calculated by SIX Swiss Exchange
Legal notice
® SAR, SAR SWISS AVERAGE RATE, SARON, SCR, SCR SWISS CURRENT RATE, SCRON, SAION, SCION
are registered or pending trademarks of the SIX Swiss Exchange. Licensing is subject to a fee.
