How to become a monetary policy counterparty

Monetary policy counterparties participate in the monetary policy operational framework. In the publication “The Riksbank’s new operational framework for the implementation of monetary policy, there is a more detailed description of how the operational framework works. The monetary policy instruments used in the monetary policy framework are described in more detail on the page "Monetary policy instruments".

For monetary policy counterparties, there are specific reporting requirements, see the page "Reporting".

Only credit institutions domiciled or with a branch in Sweden can become monetary policy counterparties. In addition, applicants must be participants in RIX-RTGS. The requirements for a participant in RIX-RTGS are shown on the page "How to become a RIX participant".

The detailed requirements for becoming a monetary policy counterparty (and counterparty in FX transactions) are set out in the "Terms and Conditions for RIX and Monetary Policy Instruments". A monetary policy counterparty must have an established arrangement in order to be able to pledge collateral. Further information on security arrangements can be found in "Annex H4 Collateral Instructions".

For the use of monetary policy instruments, there are special "Instructions for monetary policy instruments".

The "Instructions for counterparty application" give more detailed instructions for applying to become a monetary policy counterparty (and/or counterparty in FX transactions). The application must be made on a special form. The application to become a monetary policy counterparty is made using "form H9_C" and the application to become a counterparty in FX transactions is made using "form H9_D". The Riksbank assesses every application and if the institution is considered to meet the requirements for participation, it signs an onboarding agreement with the Riksbank.

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Updated 15/09/2021