SWESTR Advisory Group

In this respect, the SWESTR Advisory Group can be used as a complement in connection with the Riksbank obtaining views through a consultation procedure.

An important aim of the dialogue in the advisory group is to facilitate a transition to transaction-based reference rates in Sweden, in line with the rest of the world, to safeguard confidence in Swedish reference rates.

The Riksbank will convene a meeting of the Advisory Group when necessary. Agenda and minutes will be published here, on the Riksbank’s website.

Purpose and responsibilities

The group’s purpose and responsibilities are regulated in its Terms of Reference. Among other things, the group is tasked with monitoring how the underlying market for SWESTR (which is to say the overnight market in SEK) is functioning and developing, assessing whether SWESTR is representative of the interest rate on the underlying market, and discussing the role played by SWESTR on the Swedish financial market. The group is also tasked with reviewing and advising on the framework established by the Riksbank for the reference rate, as well as discussing confidence in SWESTR and measures to promote a transition to transaction-based interest rates in Sweden.

Participants

The SWESTR Advisory Group is a group of relevant market participants, both users of SWESTR and players active in the underlying market for SWESTR. In addition, representatives from stakeholder organisations of market participants or companies providing the infrastructure for the markets, as well as representatives of other authorities, may participate.

The Riksbank holds the position of chair and provides the secretariat for the advisory group. Officials from the Riksbank will also participate in the meetings and present their work on SWESTR.

Forum on reference rates

As a complement to the SWESTR Advisory Group, the Riksbank established the Forum on reference rates in 2022. The former focused on the regulatory framework for SWESTR, while the latter aimed, among other things, to help ensure that the market has the conditions and solutions to support the transition to transaction-based rates. As the SWESTR framework has become established, the frequency of meetings of each group has decreased and the groups' mandates effectively overlap. The Riksbank thus decided in December 2025 to merge the groups into a new combined advisory group. Read the documentation from the meetings in the Forum on reference rates here.