Monetary policy counterparties

To manage its tasks, the Riksbank needs to interact with a number of market participants. These can apply to become counterparties to the Riksbank in various kinds of transaction. The Riksbank uses different categories of counterparty depending on the type of transaction in question.

The Riksbank thus has three different categories of counterparty, one category for each type of transaction:

  • RIX participants for the settlement of payments in Swedish kronor
  • Monetary policy counterparties for monetary policy transactions
  • Counterparties in foreign exchange (FX) transactions for transactions in foreign exchange

Participants in RIX have the advantage of being able to execute payments without being exposed to any greater credit or liquidity risk.

To be able to steer market rates, the Riksbank needs to be able to execute transactions in Swedish kronor with a number of institutions that are domiciled or have a branch in Sweden and which are active on the Swedish financial market. These institutions make up the Riksbank’s monetary policy counterparties and, as such, need to be RIX participants.

The Riksbank sometimes needs to conduct exchanges between foreign exchange and Swedish kronor and must also be able to intervene in the foreign exchange market. When making transactions in foreign currency, the Riksbank needs counterparties with sufficient capacity to trade in the relevant currencies. Such credit institutions can be counterparties in foreign exchange transactions but do not, however, need to be RIX participants.

In addition, so-called central counterparties (CCPs) have been given access to a special deposit facility that aims to facilitate their liquidity management when necessary.

For a complete description of the requirements for the different counterparty categories, see Terms and Conditions for RIX and Monetary Policy Instruments.

New measures

To avoid robust companies being knocked out as a result of the corona pandemic, the Riksbank decided, at an extraordinary monetary policy meeting on 26 March 2020, to enlarge the circle of monetary policy counterparties temporarily. The aim is to maintain credit supply to Swedish companies and thereby support demand, output and employment in Sweden.

The Riksbank has thereby decided to give institutions than monetary policy counterparties the opportunity to participate in the previously decided programme for lending to companies via banks (monetary policy counterparties). To participate in this programme, however, these institutions need to fulfil certain requirements, such as being under the supervision of Finansinspektionen. By signing a special agreement, these institutions shall be able to become temporary monetary policy counterparties.

A similar arrangement was made during the financial crisis, when the Riksbank also increased the number of counterparties.

Information on the terms for becoming a temporary monetary policy counterparty and on the application procedure you can find on the page Temporary monetary policy counterparties

Monetary policy counterparties

  • Avanza Bank AB
  • BlueStep Bank AB
  • BNP Paribas S.A.
  • Citibank Europe plc.
  • Danske Bank A/S
  • DnB Bank ASA
  • Klarna Bank AB
  • Kommuninvest i Sverige AB
  • Landshypotek Bank AB
  • Länsförsäkringar Bank AB (publ)
  • Marginalen Bank Bank AB
  • Nordax Bank AB
  • Nordea Bank Abp
  • Nordnet Bank AB
  • Northern Trust Global Services SE
  • Santander Consumer Bank AS
  • SBAB Bank AB (publ)
  • Skandiabanken AB (publ)
  • Skandinaviska Enskilda Banken AB
  • Sparbanken Syd
  • Svenska Handelsbanken AB
  • Swedbank AB
  • Ålandsbanken Abp

Counterparties in Foreign Exchange Transactions

  • Citibank Europe plc
  • Danske Bank A/S
  • Deutsche Bank AG
  • JP Morgan Chase Bank NA
  • Nordea Bank Abp
  • Skandinaviska Enskilda Banken AB
  • Svenska Handelsbanken AB
  • Swedbank AB

Central counterparties with access to deposit facility at the Riksbank

  • Nasdaq Clearing AB

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Updated 14/04/2020