The SMRA 2025 has been prepared for SIX Repo AG in consultation with the Swiss National Bank (SNB) and with market participants and it is scheduled to replace the current version of the SMRA as of 2 August 2025.

The SMRA 2025 is designed to work with SIX SIS AG acting as Triparty Agent for the exchange of collateral and it will be administered by SIX Repo AG. Parties may adhere to the SMRA 2025 by signing an adherence declaration with the result that the trading will occur bilaterally between participants having adhered to the SMRA 2025. The SMRA 2025 provides an update of the previous agreement in some key respects (e.g. regarding the definition of insolvency events, regarding events allowing for the substitution of securities and collateral, regarding excluded securities and with respect to the involvement of the Triparty Agent and the contract administrator) and it will be supported by netting opinions.

The Schellenberg Wittmer team was led by Olivier Favre (Banking & Finance / Capital Markets) and included Dominic Wälchli (Banking & Finance / Capital Markets) as well as Roland Wild (Tax).