Institutions may apply to participate in RIX, the Riksbank’s system for the settlement of payments. Participation can be confined to either K-RIX (for settlement in SEK) or E-RIX (for settlement in euro) or cover both. An institution does not have to be domiciled or have a branch in Sweden in order to participate in K-RIX, while domicile or a branch in the EEA area is required for participation in E-RIX.
Institutions eligible as participants in RIX are:
- Credit Institutions,
- Investment Firms, provided the firm is permitted to trade in financial instruments on behalf of others in its own name or on its own account, or provide guarantees in connection with issues of securities,
- Clearing Organisations (only in respect of payments arising from clearing operations), and
- Treasury departments and public sector bodies in the EU that are responsible for a State´s payments and cash management.
Criteria for participation in RIX:
- The Institution shall have adequate financial stability and capital.
- Credit Institutions, Investment Firms and Clearing Organisations shall be subject to adequate supervision by an authority or other competent body in its country of domicile (home country).
- The Institution shall have an appropriate organisation, necessary systems and routines for risk management, secure technical systems and be suitable in other respects as a RIX Participant and/or a Monetary Policy Counterparty.
- The Institution shall have valid legal status and the capacity to assume with binding effect the rights and obligations ensuing from the Rules and Regulations.
- The Rules and Regulations shall be valid according to the law of and enforceable in, the Institution´s countryof domicile.
- To be accepted as an E-RIX Participant, an Institution must have its domicile or a branch in the EEA. There is no corrresponding requirement for participation in K-RIX.
- Applications to participate in RIX are to be submitted to the Riksbank, which evaluates each application and, if the institution is deemed to meet the criteria, signs a participation agreement. An agreement on credit and deposits is also signed, as well as a collateral agreement for credit in RIX (except for clearingorganisations, which have no access to such credit). At the Riksbank’s request, RIX participants are to provide such information about their operations as the Bank finds necessary for a correct application of the rules. Participants are to pay fees to the Riksbank in accordance with the tariffs applied by the Riksbank.
More information can be found in the below link.