Reuters
The switch to Swiss money market rate SARON from the former Libor benchmark has been smooth and successful, Swiss National Bank Board Member Andrea Maechler said on Thursday. Switzerland made the Swiss Average Rate Overnight (SARON) the rate against which banks set their own lending rates as the country moved away from the Libor lending standard after a manipulation scandal, a transition that was completed last year. "Thanks to the substantial efforts made by both the private and the public sector, the transition to SARON was smooth and successful," Maechler said in the text of a speech for delivery on Thursday.