The characteristics and development of the Swiss franc repurchase agreement market |
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Authors: | Sébastien Kraenzlin |
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Institution: | (1) Department of Economics (WWZ), University of Basel, Feierabendstrasse 12, 4051 Basel, Switzerland;(2) Economic Research Department, Credit Suisse, Zurich, Switzerland |
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Abstract: | With the reinterpretation of repurchase agreements (repos) by the tax authority and the revision of the national bank law
in 1997, allowing the Swiss national bank (SNB) to use repos as monetary policy instrument, the prerequisites for the development
of a Swiss franc repo market were given. The development of the repo market in Switzerland only came up in 1999 with the provision
of an integrated trading and settlement system provided by SegaInterSettle AG (SIS), Eurex and Swiss Interbank Clearing (SIC)
in collaboration with the SNB. The following paper provides an overview of the basic characteristics and structure of the
Swiss franc repo market as well as of the development it has undergone since 1999. It also discusses what motives and reasons
the banks possess to actively participate in the Swiss franc repo market.
The content of the publication is the sole responsibility of the author and does not necessarily reflect the views of Credit
Suisse. |
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Keywords: | Repurchase agreement Monetary policy Switzerland Interbank market |
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