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Internationally, overnight interest rates play a significant role in determining the yield curve.
Therefore, 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.This instrument
allows market participants to better manage their short-term refinancing needs and therefore
represents an important instrument for their daily liquidity management activities. Hence, through
the Swiss Reference Rates an additional instrument was created, which replaced the TOIS Fixing,
presents an alternative to the Swiss franc Libor and, furthermore, is calculated in Switzerland.
The point of departure of Switzerland's yield curve is the SARON®, an overnight reference rate based
on data from the Swiss franc repo market, which replaced the former Repo Overnight Index (SNB). 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 SIX Repo AG trading platform.
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Terms to maturity
| Swiss Reference Rates | |
Average Rates
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Current Rates
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Average Indices
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Current Indices
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Historical values
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Latest 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 | | | | |
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Description
| Download | |
Rules governing the Swiss Reference Rates
|  | | Output Statement Swiss Reference Rates | | |
Swiss Reference Rates factsheet
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SARON® factsheet
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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.
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Static data terms to maturity Overnight (ON)
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| | | | | ISIN |
Symbol
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Name
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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
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Static data of all SIX indices
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Description
| Download | |
All indices and rates calculated by SIX
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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.
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