ES - 2026-10-29 - Damien Klossner, Igor Mlikota and Sabrina Stadelmann: What collateral is used in the Swiss interbank repo market?
Collateral is a key component of repurchase agreement transactions. We document collateral usage in the Swiss interbank repo market using an extensive transaction-level dataset. We find that a substantial share of securities eligible for the SNB General Collateral Basket is actively used, particularly securities denominated in Swiss francs. Collateral usage is concentrated in a small number of issuers and highly rated securities denominated in Swiss francs. At the same time, it displays a broad and balanced maturity profile, and cross-currency repos account for a meaningful share of trading volume.
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