Tuesday , November 5 2024
Home / SNB News / 2016-10-14 – Financial markets – Reform of benchmark interest rates

2016-10-14 – Financial markets – Reform of benchmark interest rates

Summary:
The national working group on Swiss franc (CHF) reference rates (NWG) is the key forum for considering proposals to reform reference interest rates in Switzerland and discussing the latest international developments. The NWG was founded in 2013 and has since been guiding the reform process relating to CHF reference interest rates. The NWG is co-chaired by a representative of the private sector and a representative of the SNB. The group is open to representatives of domestic and foreign banks and specialists from other sectors of the finance industry. Banks not yet represented in the NWG are welcome to join. The Swiss Financial Market Supervisory Authority (FINMA) is invited as an observer. National working group governance The SNB supports the efforts to reform benchmark interest rates being undertaken at national and international level. At national level, this includes co-chairing the NWG alongside a representative from the private sector. NWG recommendations are not legally binding. Decisions on recommendations are passed with a simple majority of the votes cast at the meetings. As market participants are responsible for providing reference interest rates, the SNB abstains from voting and acts primarily as a moderator. Furthermore, the SNB runs the NWG’s technical secretariat and facilitates the organisation of the meetings.

Topics:
Swiss National Bank considers the following as important:

This could be interesting, too:

Swiss National Bank writes 2024-11-04 – Data portal – Important monetary policy data, 4 November 2024

Cash - "Aktuell" | News writes Börsen-Ticker: SMI leicht vorne – Dollar gibt vor US-Wahlen nach – Ölpreise legen zu

finews.ch writes Christopher Hodge: «Trump bellt mehr, als er wirklich beisst»

finews.ch writes Langjährige Safra-Sarasin-Top-Bankerin wird CEO in Asien

The national working group on Swiss franc (CHF) reference rates (NWG) is the key forum for considering proposals to reform reference interest rates in Switzerland and discussing the latest international developments. The NWG was founded in 2013 and has since been guiding the reform process relating to CHF reference interest rates. The NWG is co-chaired by a representative of the private sector and a representative of the SNB. The group is open to representatives of domestic and foreign banks and specialists from other sectors of the finance industry. Banks not yet represented in the NWG are welcome to join. The Swiss Financial Market Supervisory Authority (FINMA) is invited as an observer.

National working group governance

The SNB supports the efforts to reform benchmark interest rates being undertaken at national and international level. At national level, this includes co-chairing the NWG alongside a representative from the private sector. NWG recommendations are not legally binding. Decisions on recommendations are passed with a simple majority of the votes cast at the meetings. As market participants are responsible for providing reference interest rates, the SNB abstains from voting and acts primarily as a moderator. Furthermore, the SNB runs the NWG’s technical secretariat and facilitates the organisation of the meetings. In this capacity, the SNB also provides this section on its webpage for publishing NWG minutes as well as other material on the progress of the reforms. The items published do not necessarily reflect the views of the SNB.

Swiss National Bank
The Swiss National Bank conducts the country’s monetary policy as an independent central bank. It is obliged by the Constitution and by statute to act in accordance with the interests of the country as a whole. Its primary goal is to ensure price stability, while taking due account of economic developments. In so doing, it creates an appropriate environment for economic growth.

Leave a Reply

Your email address will not be published. Required fields are marked *