STINA - Managing Swedish short-term interest rate risk
OMX Nordic Exchange provides central counterpart clearing services for Swedish and Norwegian products.
The Stina contract is a cash settled swap contract. A fixed interest rate amount is swapped for a floating interest rate amount corresponding to the average TN STIBOR interest rates for an agreed interest rate period. The contracts constitutes a valuable tool in management of Swedish short-term interest rate risk especially in those cases when substitutes for cash deposit investments or cash financing is wanted. For the complete description of the contract specification please see SOMX Nordic Exchange's Rules and Regulations for Derivatives.
Swap contract with cash settlement of the difference between a fixed rate, agreed by the parties, and the reference rate, i.e. T/N STIBOR calculated as compound interest rate.
Contract base:
T/N STIBOR
Contract size:
SEK 1,000,000
Tick size:
0.001
Interest rate periods/series:
Customary Interbank deposit market periods, i.e. one- two- and three weeks, and one-, two- three-, four-, five, six-, nine- and twelve months.
Fixed interest rate amount:
Fixed interest rate amount constitutes of the cash amount corresponding to the agreed interest rate and the interest rate period.
Variable interest rate amount:
Variable interest rate amount constitutes of the cash amount corresponding to the compound interest rate of the T/N STIBOR fixings of the interest rate period.
Price quotation:
The STINA contract price is quoted as simple interest rate with an Act/360 day convention.
Trading:
Trading is performed OTC and trades are reported to OMX Nordic Exchange Stockholm for clearing. Trading hours are in accordance with market practice in the Swedish fixed income market.
Expiration months:
January, February, March, April, May, June, July, August, September, October, November and December.
Expiration settlement day:
Set in accordance with the series designation.
Registration day:
Registration day is equal to the transaction day, 08.30 – 17.45 CET on normal bank days.
Listing:
New Series are listed every Bank Day in the respective Term.
First listing day (Start day):
Two bank days after the registration day (Transaction day).
Fixing:
A fixing corresponding to T/N STIBOR is established every day at 11.05 CET.
Reference rate:
T/N STIBOR calculated as compound interest rate.
Periodic settlement:
No periodic settlement.
Last time for registration:
No later than 12.00 CET the day after Transaction day.
All information provided on this page shall be deemed to be general information regarding the instruments that can be traded at the exchange. For current rules for trade with the instruments we refer to the rules and regulations. Information on this page shall under no circumstances constitute any recommendation regarding investment decisions. The visitor shall be personally liable for the risks associated with any investment decision based on information on this page. Notwithstanding that the accuracy of the information provided herein has been verified, OMX Nordic Exchange Stockholm assumes no liability with respect to the accuracy or use of such information.
Most of the trading in Swedish Fixed Income cash products is done OTC between professional investors. The trades are then reported to OMX Nordic Exchange for dissemination to the Swedish FSA, market data vendors and other stakeholders. Electronic trading is conducted between market makers of Swedish treasury bonds. They trade the 2, 5 and 10 year benchmark bonds and are obliged to quote a market for these bonds.
OMX Nordic Exchange is collecting indicative pricing from market makers in treasury and mortgage instruments through our trading system, these quotes are then distributed to market data vendors that provide the data to professional investors.
