Annual report – The development of SWESTR

Part of the Riksbank’s work on promoting a transition to the transaction-based reference rate SWESTR involves being transparent about how the reference rate is calculated and what the underlying transaction dataset looks like. Each year, therefore, the Riksbank will publish a report that presents a selection of data from SWESTR’s dataset in as much detail as confidentiality regulations allow. This is the first time the report has been published. In the future, our ambition is to publish the report earlier in the year.

Overall, the regulatory framework for SWESTR is deemed to have succeeded in presenting a reference rate that expresses a true overnight rate for lending without collateral. The transaction dataset is also judged to be representative, while reporters borrow Swedish kronor at an interest rate that is stable at a level close to the Riksbank’s deposit rate.

The parameters set up for a robust SWESTR, trimming levels and robustness criteria, are still judged to have been adequate in 2023. It should be mentioned however that, on 27 May 2024, the Executive Board of the Riksbank decided on changes to the Riksbank’s regulatory framework, partly meaning that the limit for an acceptable transaction volume was lowered from SEK 6 billion to SEK 2 billion with effect from 23 September 2024. The regulatory framework was changed to reduce the risk of violating the robustness requirement on the last day of the year.

Annual report – The development of SWESTR

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Updated 13/10/2024