February 6, 2019 / 10:25 AM / 6 months ago

SIX Swiss Exchange to publish daily compounded SARON rate

ZURICH, Feb 6 (Reuters) - SIX Swiss Exchange is set to start publishing daily a compounded Swiss Average Rate Overnight (SARON) later this year as the financial sector moves to replace the Libor lending standard, a task force coordinating the transition said.

The task force concluded last year that SARON should serve as the rate against which banks set their own lending rates, and is now fleshing out the details.

At a meeting on Tuesday, task force members agreed to recommend that market participants assess the options for using a compounded SARON, define action plans for their product strategy, and encourage exchanges to facilitate the listing of SARON floating-rate notes.

“SIX Swiss Exchange announced that it would provide daily publication of compounded SARON. Go-live is expected for the second half of 2019,” the task force on Wednesday said in a statement.

Reporting by Michael Shields

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