SARON
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ExploreAbout this exam
SARON - the Swiss Average Rate Overnight - is the reference rate for the Swiss franc money market, administered by SIX in cooperation with the Swiss National Bank. An examination carrying this name tests whether a candidate understands how that rate is produced, how products referencing it are priced and settled, and how trading and post-trade activity around it is governed on SIX Swiss Exchange. It suits people whose daily work touches CHF cash and derivatives: money market and rates traders, treasury and funding desks, product and structuring staff, risk and compliance officers, operations and reference-data specialists, and auditors who need to challenge rate-linked valuations.
The breadth is the point. A candidate should be comfortable with the mechanics of the Swiss franc money market and the policy rate environment, the transaction-based calculation and publication cycle behind the fixing, compounding and futures-based exposure to the rate, order handling and market conduct rules, the regulatory perimeter, and the controls and reporting that surround all of it.
Preparation works best in layers: read the SIX and SNB documentation on the rate methodology first, since everything else depends on it, then work outward to products, trading rules and controls. Practise with calculation drills - compounded interest, futures pricing, day-count conventions - because recall alone is not enough. Confirm current administrative details such as format, fees and scheduling directly with the official examining body, which publishes the authoritative figures. This page is independent study material and is not affiliated with, endorsed by, or produced by SIX or any official body.
What you'll study
About SARON preparation
What is SARON, in one sentence?
SARON is the Swiss Average Rate Overnight, a transaction-based overnight reference rate for the Swiss franc money market, calculated and published by SIX and used as the benchmark for CHF floating-rate loans, derivatives and, since the LIBOR transition, a wide range of CHF products.
What format is the exam?
It is a multiple-choice examination. The precise number of items, the time allowed and the delivery method are set by the official examining body and can change between sittings, so check its website for the current specification rather than relying on second-hand descriptions.
How difficult is it?
The methodology questions are the hardest for most candidates: they require precise understanding of how transactions are filtered, how the rate is derived and how it is published, not just a definition. Those who work with the rate daily find products and trading sections easier than candidates approaching it from a pure compliance background.
Can I retake it if I fail?
Retake rules, waiting periods and any limits on attempts are set by the official examining body. Check its published regulations before booking, and note that fees for a retake may differ from the first sitting. Do not assume unlimited immediate retakes.
How long should I plan to study?
Most candidates need several weeks of structured preparation. Start with the methodology documentation, which underpins roughly a fifth of the content, then move to products and trading rules. Reserve the final stretch for calculation practice and for reviewing the regulatory and control material, which is easier to memorise but easy to neglect.
In what order should I study the topics?
Money market context first, then the SARON methodology, then products and derivatives, then trading and conduct, then regulation, risk and post-trade. Each layer assumes the previous one. Studying products before you understand compounding and the fixing cycle leads to memorisation without comprehension.
Where do candidates usually lose marks?
Three places: sloppy calculation under time pressure, confusion between the overnight rate and compounded or forward-looking variants, and weak grasp of order handling rules such as priority and best execution. Regulatory questions are usually answered well; the quantitative and conduct items separate candidates.
Do I need to know the underlying regulations by article number?
You need to know what the rules require and how they apply in practice, not to recite article numbers. Examiners test application: which rule governs a given order, what a firm must report, what happens when a trade fails. Understand the principle and the consequence.
Is this page official?
No. It is independent study material written for candidates searching for this exam. It is not affiliated with, endorsed by or produced by SIX, the Swiss National Bank or any examining body. Always treat the official body's published syllabus, regulations and fee schedule as authoritative.
How do I find the fee and exam dates?
The official examining body publishes the current fee, session dates, registration deadlines and venue or remote-proctoring arrangements on its website. These details change, so confirm them there before you plan. This page deliberately does not quote figures that may be out of date.