Participating in RIX
To take part in RIX, it is necessary to apply to become a participant. The Riksbank has specific requirements that must be met for an institution to be accepted as a participant. Parallel with the role as participant, there are the roles of monetary policy counterparty and counterparty in foreign exchange transactions. The criteria for the respective roles can be found under the tab "Who can be a RIX participant?"
The Riksbank uses counterparties to carry out its monetary policy and exchange rate policy operations in practice. Unlike counterparties of exchange rate policy, monetary policy counterparties must be participants in RIX. On the other hand, an institution does not need to be a monetary policy counterparty to hold the role of participant in RIX.
The legal relationship between the Riksbank and its counterparties (participants in RIX and monetary policy counterparties) is regulated in the Riksbank's "Rules and Regulations for RIX and Monetary Policy Instruments" ("the Rules and Regulations"). The Rules and Regulations contain a general description of RIX and the monetary policy instruments.
Where applicable, the Rules and Regulations constitute terms of agreement for the individual participants. The Rules and Regulations apply to RIX as well as to monetary policy instruments because these two systems interact in several ways. The Riksbank's ability to influence the overnight interest rate ultimately depends on the Riksbank being in a position to set the terms and the extent of overnight deposits from and lending to the banks that are participants in RIX. Moreover, the requirements concerning collateral in RIX are largely the same as those for monetary policy instruments.
Participants shall pay fees to the Riksbank in accordance with the price-list applied by the Riksbank.