Daily · SNB hold and ECB leadership shift · September 24, 2026

Key points

SNB holds rate at zero

The Swiss National Bank (SNB) decided on 24 September 2026 to leave its policy rate unchanged at 0%. Banks' sight deposits held at the SNB will continue to be remunerated at the policy rate up to a specific threshold, while the discount for sight deposits above that threshold remains at 0.25 percentage points.

In its monetary policy assessment, the SNB stated it is willing to be active in the foreign exchange market as necessary to ensure appropriate monetary conditions. The central bank noted that inflation has risen further since June, primarily due to higher energy prices, although medium-term inflationary pressure has increased only slightly.

Schnabel leaves ECB for IMF

Isabel Schnabel, a member of the European Central Bank (ECB) Executive Board, announced her resignation from the ECB. She is set to take a senior role at the International Monetary Fund (IMF). This change in the composition of the ECB Executive Board will affect the governance and potential direction of monetary policy in the eurozone.

Euribor panel adjustment

ESMA and National Competent Authorities within the Euribor College of Supervisors assessed the impact of Cecabank's withdrawal from the Euribor panel. The Spanish bank, which is a contributor to the benchmark, will cease providing input data on 30 September 2026. The regulators concluded that this departure does not pose a risk to the representativeness of Euribor for the Euro unsecured money market.

Crypto and derivatives rule filings

Coinbase Derivatives, LLC filed a proposed rule change with the US Securities and Exchange Commission (SEC) regarding customer margin requirements for security futures products. The filing was published in the Federal Register on 24 September 2026.

In the EU, the European Banking Authority (EBA) identified priorities for the review of the Markets in Crypto-Assets (MiCA) regulation. These priorities will shape the future regulatory framework for crypto-asset markets in the EU.

ECB economic outlook

Philip R. Lane, head of the ECB, delivered a speech titled 'The outlook for the euro area economy' on 24 September 2026. The public assessment provides context on the macroeconomic conditions and monetary policy expectations for the region.

US exchange rule changes

NYSE Texas, Inc. and NYSE National, Inc. filed proposed rule changes to amend Rule 7.10 regarding clearly erroneous executions; the SEC designated these as immediately effective. Additionally, the SEC designated longer periods for action on proposed rule changes from Cboe Exchange, Inc. concerning stop-limit complex orders and Nasdaq ISE, LLC regarding criteria for underlying securities.

Our read

The SNB's decision to hold rates at zero while explicitly signaling FX intervention readiness provides a stable floor for CHF funding costs, which is critical for cross-border operations in Switzerland. The departure of Isabel Schnabel from the ECB Executive Board introduces a governance transition that may influence the pace and direction of eurozone monetary policy in the coming months. For market participants, the supervisory clearance of Cecabank's exit from the Euribor panel removes a potential source of benchmark uncertainty, ensuring continuity for Euro-denominated derivatives pricing.

This digest was produced automatically by a large-language-model system from the regulator publications and official sources listed below; it is AI-generated content and may contain inaccuracies. It is not legal advice — verify wording and deadlines against the original documents.

Sources