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Swiss Reference Rates (SARON)

Overnight interest rates play a significant role in determining the yield curve. Going forward, the point of departure for Switzerland’s yield curve is SARON, an overnight reference rate based on data from the Swiss franc repo market. 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 – and the Swiss National Bank (SNB) uses repo transactions as a means of implementing its monetary policy.

The reference rate SARON, which stands for Swiss Average Rate Overnight, represents the overnight interest rate of the secured money market for Swiss francs (CHF). It is based on transactions and quotes posted in the Swiss repo market, a pivotal part of the Swiss Value Chain.

SIX is the Benchmark Administrator of SARON and is responsible for its calculation and publication. Further information on licensing, data access and usage can be found here.

Internationally, there is a consensus that financial benchmarks need to be resilient and reliable. Repo markets, in their role as the backbone of the financial industry and central bank activity, are the obvious choice. They are liquid, highly regulated and of high integrity. The National Working Group on Swiss franc reference rate, which leads efforts to reform benchmark interest rates, has recommended SARON as the alternative for CHF LIBOR.

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  • Calculation and publication show more
  • Governance and regulation show more

Quick facts  
SARON Swiss Average Rate Overnight
Definition Volume-weighted average interest rate
Calendar CHF Currency Holiday Calendar
Fixing-Time 12 pm 4 pm 6 pm
FuturesEUREX: FSO3 / ICE: SA3
Historical data since 30.06.1999
Introduction 25.08.2009
Publication start Daily at 8:30 a.m.
Publication interval Every 10 minutes

Terms to maturity Swiss Reference Rates
Average Rates Current Rates SARON Index Current Index Historical values Latest values Snapshot 6pm

Index information
Description Download
SARON factsheet (English)
SARON factsheet (French)
Output Statement SARON
Rules governing the Swiss Reference Rates

Static data terms to maturity Overnight (ON)
ISIN Symbol Name Description
CH0049613687SARONSwiss Average Rate ON Interest rate
CH0049613901SCRONSwiss Current Rate ON Interest rate
CH0100517157SAIONSARON Index Index value
CH0100484986SCIONSwiss Current Index ON Index value

Static data of all SIX indices
Description Download
All indices and rates calculated by SIX

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.