This year we are celebrating the 25th anniversary of the Swiss franc repo market. Highly standardised and automated, the Swiss franc repo market is one of the most advanced and efficient repo markets in the world. Repo transactions are a key instrument for monetary policy implementation at the SNB. The dynamic activity in the interbank segment of the repo market provides a robust basis for calculating SARON (Swiss Average Rate Overnight). Furthermore, repo transactions enable the SNB to reach a large number of market participants who are active on the same trading platform as the SNB. Thanks to its liquidity, security and efficiency, repo transactions play an important role in the liquidity management of banks and other financial market participants. Technological progress could lead to further improvements in the settlement of repo transactions, as well as in intraday liquidity management and collateral mobility.