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SARON best alternative to Swiss franc LIBOR, say Swiss National Bank experts

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SARON best alternative to Swiss franc LIBOR, say Swiss National Bank experts

A Swiss National Bank panel of experts proposed the Swiss Average Rate Overnight as an alternative for secured loans to the Swiss franc London Interbank Offered Rate benchmark, Reuters reported.

The LIBOR benchmark is the most important interest rate for the Swiss economy as approximately CHF6 trillion worth of contracts use it, the newswire said. But the SNB has been looking at other options following a spate of LIBOR-rigging scandals that have triggered similar moves elsewhere, including in Britain, Reuters noted.