Who is allowed to participate in RIX?

Within RIX, the Riksbank's funds transfer system, the Riksbank provides an opportunity for banks and certain others to settle payment commitments between themselves and to make transfers among themselves for other reasons. The Riksbank makes demands of the participants; an institution must meet certain conditions to be accepted as a participant. Special conditions apply for monetary and exchange rate policy counterparties, see below.

 

The following institutions may apply to become participants in the RIX system:

  • Credit institutions (for a definition see the Terms and Conditions for RIX and Monetary Policy Instruments)
  • securities companies
  • clearing organisations
  • the Swedish National Debt Office 

The following conditions must be met for an institution to be accepted as a participant in RIX:

  • The institutions shall comply with the requirements for capital adequacy and large exposures that are in effect in its country of domicile (home country).
  • Credit institutions, securities companies and clearing organisations shall be subject to adequate supervision by an authority or other competent body in their country of domicile. 
  • The institution shall have an appropriate organisation, necessary systems and routines for risk management, secure technical systems, especially with respect to protection against malicious software (malware). 
  • The institution shall have valid legal status and the capacity to assume with binding effect the rights and obligations ensuing from The Terms and Conditions.
  • The conditions shall be valid according to the law of, and enforceable in, the institution's country of domicile.
  • It may be assumed that the institution will comply in its operations, where applicable, with the Terms and Conditions and other regulations in effect. 

In order to participate in the RIX system the institution must moreover:

  • Have at its disposal the technical equipment that participation in the RIX system requires and have access to a functioning connection via S.W.I.F..T.'s FINCopy and via RIX Online. 

To become a monetary policy counterparty an institution must moreover:

  • Be a credit institution with its domicile or branch in Sweden 

To become a primary monetary policy counterparty an institution must moreover:

  • Alone or together with another company in the same group, have a share of the money and bond market that the Riksbank considers to be sufficiently large
  • Report turnover statistics in government and mortgage bonds and other information assigned by the Riksbank

To become a counterparty in foreign exchange transactions the institution shall, in addition to complying with the conditions to be accepted as counterparty, moreover:

  • Be a credit institution.
  • Alone or together with another company in the same group, have a share of the foreign exchange market that the Riksbank considers to be sufficiently large
  • In the interbank market, on request quote binding market two-way prices in Swedish krona against the euro, spot, and against the US dollar, forward 
  • Via Reuters or a similar information system, show indicative prices in these currencies during normal opening hours in the market
    Report to the Riksbank turnover statistics and other information requested by the Riksbank
INTERNAL LINKS
 
Link to Terms and Conditions for RIX and Monetary Policy Instruments


LAST REVIEWED
06/02/2009