The National Working Group on Swiss Franc Reference Rates

The National Working Group on Swiss Franc Reference Rates (NWG) is the key forum for considering proposals to reform reference interest rates in Switzerland and discussing the latest international developments. The NWG is co-chaired by a representative of the private sector and a representative of the SNB. The group is open to financial market participants and other relevant stakeholders. Stakeholders not yet represented in the NWG are welcome to request to join. NWG and sub-group participants agree to competition law and confidentiality obligations. NWG recommendations are not legally binding. Decisions on recommendations are passed with a simple majority of the votes cast at the meetings.

The SNB supports the efforts to reform benchmark interest rates being undertaken at national and international level. At national level, this includes co-chairing the NWG alongside a representative from the private sector. The SNB abstains from voting and acts primarily as a moderator. Furthermore, the SNB runs the NWG's technical secretariat and facilitates the organisation of the meetings. In this capacity, the SNB also provides this section on its webpage for publishing NWG minutes as well as other material on the progress of the reforms. The items published do not necessarily reflect the views of the SNB.

The NWG informs interested parties about relevant developments on the reform of reference rates by sending regular update emails. In order to subscribe, please send an email to