The characteristics and development of the Swiss franc repurchase agreement market
AbstractWith 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. Copyright Swiss Society for Financial Market Research 2007
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Bibliographic InfoArticle provided by Springer in its journal Financial Markets and Portfolio Management.
Volume (Year): 21 (2007)
Issue (Month): 2 (June)
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Web page: http://www.springerlink.com/link.asp?id=119763
Repurchase agreement; Monetary policy; Switzerland; Interbank market; E40; E52; E58;
Find related papers by JEL classification:
- E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
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