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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.

  • Representative market afficher plus
  • Risk-neutral reference rate afficher plus
  • Calculation and publication afficher plus
  • Governance and regulation afficher plus

Quick facts  
SARON Swiss Average Rate Overnight
Definition Volume-weighted average interest rate
Dissemination Calendar on all CHF trading and settlement days
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

Durées vie résiduelles Swiss Reference Rates
Average Rates Current Rates SARON Index Current Index Historique des valeurs Latest values Snapshot 6pm

Information sur les indices
Description Download
SARON factsheet
Output Statement SARON
Règlement Swiss Reference Rates

Données de base durées de vie résiduelles Overnight (ON)
ISIN Symbole Nom Description
CH0049613687SARONSwiss Average Rate ON Taux d'intérêt
CH0049613901SCRONSwiss Current Rate ON Taux d'intérêt
CH0100517157SAIONSARON Index Index
CH0100484986SCIONSwiss Current Index ON Index

Données de base pour tous les SIX indices
Description Download
Tous les indices et taux d'intérêt calculés par la SIX

Mentions légales

® SAR, SAR SWISS AVERAGE RATE, SARON, SCR, SCR SWISS CURRENT RATE, SCRON, SAION, SCION sont des marques déposées de la SIX Swiss Exchange. L'octroi d'une licence est soumis à redevance.