To take part in RIX, the Riksbank's funds transfer system, it is necessary to apply to become a participant. The Riksbank makes demands of the participants; an institution must meet certain conditions to be accepted as a participant.
In order to implement monetary and exchange rate policy operations in practice, the Riksbank works with counterparties that have signed an agreement with the Riksbank. Unlike counterparties in foreign exchange transactions, monetary policy counterparties must be participants in the RIX payment system.
However, an institution may choose to participate in RIX without being a monetary policy counterparty.