Swiss Average Rate Overnight (SARON)

The SARON (Swiss Average Rate Overnight) is an overnight reference interest rate based on the Swiss franc money market. The acronym may also be written as Saron.

The term money market denotes the portion of a financial market made up of bids and offers for short-term loans. The secured money market is the portion of the money market made up of loans secured by collateral (stocks or bonds, for example). The Swiss franc repo market is an example of a secured money market. 

The SARON plays an important role in Swiss monetary policy and is the most important reference interest rate for numerous Swiss financial products. 

In 2021, the SARON replaced the LIBOR as the most important reference rate in Switzerland (for money market mortgages, for example).

The Swiss Stock Exchange (SIX) calculates and publishes the SARON several times every day. The SARON is calculated and published immediately after the close of the trading day (6:00 PM). Additionally, it is also calculated and published at 12:00 PM and 16:00 PM.

The SARON is a volume-weighted average interest rate calculated from completed transactions and representative quotes on the secured Swiss franc money market.

The SARON is considered to be less prone to manipulation than the LIBOR. The SARON is also considered to be less prone to volatility during periods of crises with high levels of market uncertainty.

More on this topic:
SARON mortgages questions and answers

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Expert Felix Oeschger
Felix Oeschger is an analyst and expert at He is responsible for several core topics.