The Swiss Average Rate Overnight, or SARON, is the reference interest rate for the Swiss franc. It reflects conditions on the secured money market and is thereby a reference for both concluded transactions and binding pricing. The SARON resulted from a reform process undertaken by the SNB together with the private sector starting in 2013. The clearing of SARON swaps began over five years ago. These are interest rate swaps between financial institutions Also in October 2017, the SARON was recommended by the National Working Group on Reference Rates in Swiss Francs, or NAG, as an alternative to CHF LIBOR. Finally, on December 31, 2021, after LIBOR was fixed for the last time, the era of SARON began.