The Riksbank has set up an internal oversight committee to monitor whether SWESTR is compliant with the applicable and relevant IOSCO principles for financial benchmarks. This means that the committee has the task of overseeing the framework the Riksbank has established for Swestr. In addition, the committee will oversee the design of SWESTR and all aspects concerning the determination process.
Test period for SWESTR
During a test period from 27 January 2021 (inclusive) to 1 September 2021 (inclusive), a preliminary value for SWESTR will be published every Swedish banking day. SWESTR shall not be used in financial contracts during the test period. The reference rate may be used in financial contracts beginning with Swestr for value date 1 September 2021, which is published on 2 September 2021.
The oversight committee is an independent control function and the participants represent competencies from various parts of the Riksbank. The oversight committee will be organisationally separate from the part of the Riksbank that administers SWESTR. The head of the Financial Stability Department chairs the oversight committee.