Riksbank Annual Money Market Reporting: The 40-Banking-Day Excel Filing

Sveriges Riksbank collects money market data from its monetary policy counterparties under section B.3.2.3(c) of the Villkor for RIX och penningpolitiska instrument, the terms every counterparty signs up to. A counterparty that the Riksbank has not selected for daily reporting through its TORA system owes annual money market reporting instead: one Excel workbook summarising the previous calendar year’s SEK money market transactions, e-mailed to tora@riksbank.se no later than 40 banking days after the turn of the year.

The filing itself is small, a grid of twelve rows holding volumes and transaction counts. Every figure in it, though, depends on definitions that live in another document. The annual instructions, dated 23 November 2023, send reporters to the daily reporting instructions for what counts as a deposit, a repo or an FX swap, so the annual text read on its own leaves out most of the rules the numbers rest on.

Related reading: Riksbank Payment Statistics Reporting: The 1 October 2026 Go-Live

Legal basis: clause B.3.2.3(c) of the RIX and monetary policy terms

The reporting duty is contractual. In the version of the Villkor for RIX och penningpolitiska instrument in force from 8 June 2026, section B.3.2.3 sets out the special requirements for a penningpolitisk motpart (monetary policy counterparty). Point (c) commits the counterparty, in line with the Riksbank’s more detailed instructions, to report two things: the turnover that it and its group companies have had in the money and bond markets, and information on its money market transactions. The same point lets the Riksbank waive the reporting, in whole or in part, where it judges the institution to be of little significance as a market participant.

Section B.3.2.5(c) carries a parallel undertaking for a counterparty with access to the Riksbank’s special facilities for central counterparties: it reports information on money market transactions, again under the Riksbank’s detailed instructions.

The detailed instructions for the annual route are a separate Riksbank document, Rapporteringsinstruktioner, Arlig rapportering av penningmarknadsdata, dated 23 November 2023 under diary number 2023-00454. They quote both clauses and then set out who reports annually, what the workbook covers and when it is due. They also state the purpose of the collection: analysing the short SEK money market and evaluating how monetary policy is implemented, with part of the data collected daily feeding the Swestr reference rate.

The basis differs from the Riksbank’s payment statistics collection, which rests on the Riksbank’s own regulations on payment statistics reporting, RBFS 2025:1. For money market data, the Riksbank’s counterparty reporting page and both instruction documents cite only the terms.

One citation trap sits on the Riksbank’s own website. The counterparty reporting page, last updated on 21 July 2026, attributes the obligation to point (b) of B.3.2.3. In the June 2026 terms text, point (b) is the duty to tell the Riksbank about structural changes in the market, short-term factors, suspected irregularities in trading and key staff changes. The reporting undertaking is point (c), which is also the reference both instruction documents use.

Who must report annually: counterparties outside the daily panel

Only a kreditinstitut (credit institution) may be a monetary policy counterparty, under section B.3.1.2 of the terms. The terms define that category as an undertaking authorised to conduct banking or financing business under the Swedish Banking and Financing Business Act (2004:297), or a foreign undertaking that conducts such business in its home country under adequate supervision. To be accepted, the institution must also be a RIX participant certified for RIX-RTGS, have its registered office or a branch in Sweden, and have the operational capability to act as a counterparty, including an established arrangement for pledging collateral to the Riksbank (B.3.2.3).

The RIX participant list in section B.3.1.1 is wider, and two of its categories matter for reporting scope: payment institutions and electronic money institutions can both join RIX, but neither can become a monetary policy counterparty. The duty attaches to counterparty status or, for a central counterparty, to access to the special facilities. The same status that creates the reporting duty also opens Riksbank repos, credit and the standing facilities under B.3.1.2, the liquidity side covered in our article on the Riksbank borrowing capacity test.

How the Riksbank splits daily and annual reporters

Among counterparties, the choice between daily and annual reporting is a Riksbank selection. As a main rule, counterparties are brought into daily reporting in order of activity, from most to least active, until coverage of the markets is sufficient. The Riksbank may depart from that order where a participant is particularly important in a segment, fills a special function in the market, or runs other business closely linked to the money market. A counterparty that does not have to report daily reports annually instead.

No numeric threshold is published. The instructions frame the test as significance: a counterparty left out of the daily panel can be regarded as of little significance if its exclusion does not materially affect the data the Riksbank collects. Neither the instructions nor the reporting pages say how activity is measured for the ranking, how often the panel is reviewed, or how much notice a counterparty receives before it moves from one route to the other.

Reporting level, intra-group deals and branches

The reporting unit is the legal entity that holds counterparty status, and intra-group transactions are excluded. For “group” and “intra-group transaction”, the instructions borrow the definitions in Regulation (EU) No 1333/2014 of the European Central Bank on money market statistics (ECB/2014/48).

Under Article 1(15), a group is a parent undertaking and the subsidiaries whose financial statements are consolidated for the purposes of Directive 2013/34/EU. Under Article 1(19), undertakings are treated as belonging to the same full consolidation where they are included in a qualifying accounting consolidation or covered by the same qualifying consolidated prudential supervision. Intra-group transactions falling under either limb are excluded. Accounting consolidation is therefore not the only test: a transaction with an undertaking outside the accounting consolidation may still be excluded where the common prudential-supervision condition is met.

Branch treatment comes from two sentences that are easy to read past. The annual instructions cover SEK transactions booked in units within the EU/EEA, and the Riksbank’s reporting Q&A says the legal entity reports including all of its branches in the EU/EEA. On a plain reading, SEK business booked in a branch outside the EU/EEA sits outside the report. How the perimeter works for a third-country bank whose Swedish branch holds counterparty status is not addressed in the instructions or the Q&A.

Central counterparties are a gap of a different kind. The annual instructions quote the B.3.2.5(c) undertaking, but their description of the move from daily to annual reporting is written around the monetary policy counterparty, and they do not say whether a central counterparty with special-facility access can be placed on the annual route.

What the report contains: the annual money market reporting workbook, row by row

The Riksbank’s workbook, published as Ark for arlig rapportering on the Swestr reporter page, has two tabs. The Information tab asks for the name of the institution, its LEI, a reporting date and a reference period with From and To dates. The Reporting tab holds the figures: for each row, a volume in SEK and a number of transactions for overnight maturity, and the same pair for other maturities up to 10 days. The instruction block at the foot of the tab says both figures are aggregates for the whole period.

The perimeter is the same for every row: SEK-denominated transactions with an original maturity of no more than ten days, measured from the settlement date. As a main rule, the counterparties in scope are financial corporations, the public sector, foreign central banks and non-financial corporations, whether domestic or foreign. The Q&A adds that transactions with households are not reported, and the daily instructions say that transactions with a nominal amount below SEK 10 million need not be reported but may be for now. The workbook has no sector columns, so a counterparty’s sector decides only whether a transaction is in or out, never where it lands.

Deposits and the end-of-day balancing lines

Deposits carry the narrowest rule. Only agreed deposits with a fixed term, a notice period or other withdrawal restrictions are reportable, and balances on unrestricted running accounts stay out. The daily instructions, which the annual text points to for definitions, add a qualification: where rate and maturity were agreed bilaterally, the deposit is reported however the cash is handled, including when it is credited to a running account. Deposits are reported as overnight by default, a deposit that cannot be withdrawn overnight takes its first possible withdrawal date as its maturity, and each roll of a deposit is a new transaction.

The “Of which: Through other EOD balancing” lines appear in neither instruction document; they are defined only in the workbook. It describes end-of-day balancing that runs through another bank, or through a correspondent account at another bank, without a conventional deposit agreement, and gives the example of an agreement to move the reserve balance to another bank when the day closes. The workbook then says the same applies to moving amounts to a running account or drawing on one. Read beside the running-account exclusion, the two texts point different ways for an unrestricted account used for end-of-day sweeps, and neither resolves it.

Paper, units and maturities beyond ten days

For short-term paper, the current daily instructions add that an issuer buying back its own paper is not a primary-market transaction. The annual instructions predate that sentence, but because they defer to the daily document for definitions, the clarification reads as carrying over.

Volumes go in whole Swedish kronor. The instructions require rounding to the nearest integer and number formatting, and the column headers read Volume (SEK), with no scaling into thousands or millions. Neither the instructions nor the workbook set a sign convention or describe netting: volumes are entered per direction, received and placed for the money rows, bought and sold for FX swaps.

The Q&A allows transactions with maturities above ten calendar days to be reported, warning that they may be flagged and that a segment may need splitting into several files if a very large number of transactions is reported, both features of the daily file route. The annual workbook has no column beyond ten days, so longer deals have nowhere to go.

Reference period, frequency and the deadline: 40 banking days after year-end

• Frequency: once a year.
• Reference period: the previous calendar year. The Q&A describes the annual filing as made at the start of the calendar year and covering the previous year’s transactions.
• Deadline: the annual report is to be sent to tora@riksbank.se no later than 40 banking days after the turn of the year.
• Next filing: the calendar year now running, reported early in the following year.

The instructions publish no dated calendar and do not explain how the 40 days are counted. Counting Swedish banking days from the first one in January puts the 40th day in the last days of February or the first days of March, depending on where weekends, New Year’s Day and Epiphany fall. A fixed diary date such as 28 February would therefore land a day early in some years and up to two days late in others; recomputing the date each year from the banking-day calendar avoids both.

Neither document names a first reference year for the annual route. The reporter page labels the instructions as applying from 2023, and they carry the November 2023 date, but no text says when annual reporting began or which year a newly designated annual reporter files first.

Submission and format: an e-mailed workbook outside TORA

The annual report goes by e-mail to tora@riksbank.se, on the workbook listed under related content on the Riksbank’s Swestr reporter page. The instructions add three format rules: volumes rounded to whole numbers and formatted as numbers; no formulas or references to other Excel sheets in the file sent to the Riksbank; and a segment without transactions left blank or reported as zero.

There is no taxonomy, XBRL or XML schema for the annual route, and no portal. The ISO 20022 messages specified in the Riksbank’s daily reporting instructions and technical documentation (auth.012.001.02 for secured transactions, auth.013.001.02 for unsecured and auth.014.001.02 for FX swaps) and the SFTP or HTTPS file transfer belong to daily reporting through TORA, which also requires the signed access form, Behorighetsanmalan for transaktionsrapporteringssystemet TORA. The annual instructions mention none of these, and they are silent on file naming, signatures, acknowledgements and how to correct a workbook already sent.

A small trap sits in the workbook’s instruction block, which refers preparers to a “User Guide” for daily reporting on money market data for definitions. The daily document has carried a different name since version 1.6 of 31 March 2023, and the reporter page lists it as Rapporteringsinstruktioner, Daglig rapportering (fran 2024). The definitions sit there, in version 1.10 of 3 June 2024.

Validation: the format rules are the only published checks

The Riksbank publishes no validation rule set for the annual workbook and no list of common rejection causes. The checks that can be grounded are the format rules in the instructions, so a workbook breaches the stated requirements if it carries formulas or references to other Excel sheets, holds volumes with decimals or as text, or scales volumes into thousands or millions where the header asks for SEK.

Daily reporting runs on a different footing. TORA validates each file technically on receipt, checks rates and volumes against historical trading patterns, and matches transactions between reporters after 07:00, with flagged items to be resolved by 08:15 through acknowledgement files and e-mail to the TORA mailbox. The annual instructions describe no equivalent step and no feedback on a submitted workbook.

The workbook’s structure implies a few internal checks a preparer can run before sending. They follow from the layout and are not Riksbank rules:

• Each “Of which” end-of-day balancing figure is a subset of the deposit row above it and cannot exceed it.
• A volume without a transaction count, or a count without a volume, points to a mapping gap in the extract.
• A transaction sits in either the overnight pair or the up-to-10-days pair, never both, so the two pairs add up to the year’s total for the row.
• Reconcile the intra-group exclusion against both alternatives in Article 1(19) of ECB/2014/48: qualifying full accounting consolidation and common consolidated prudential supervision, including the applicable conditions for third-country groups.

Caveats and interactions: waivers, Swestr, turnover reporting and adjacent regimes

The annual route is the proportionality mechanism. B.3.2.3(c) lets the Riksbank waive the reporting wholly or partly for an institution it considers to be of little significance as a market participant. The annual instructions apply that waiver to move such a counterparty from daily to annual reporting, and a counterparty outside the daily panel reports annually instead. A complete waiver is a different outcome from that ordinary annual route, and the instructions’ own description of the waiver covers only the move from daily to annual reporting, so any complete waiver would need to be confirmed with the Riksbank.

Annual figures play no part in the Swestr fixing. According to the Riksbank’s description of the transaction base, Swestr is calculated each banking day from the previous banking day’s daily reports, using overnight unsecured deposits received by the reporting counterparty from banks and financial institutions, non-financial corporations and the Swedish National Debt Office, and counting only transactions above SEK 10 million. An annual reporter’s own workbook therefore never feeds the rate, although on that description its overnight deposits placed with a daily reporter can enter the calculation through the daily reporter’s file. The Riksbank’s Arlig rapport om Swestr, whose 2025 edition appeared on 28 May 2026, is a separate thing again: the administrator’s yearly account of the rate’s reliability, its underlying data and its trimming and data criteria, with no counterparty filing behind it.

Clause B.3.2.3(c) has two strands, and the annual workbook covers one of them. Turnover in the money and bond markets, including group companies, is reported under separate instructions for the Riksbank’s SELMA turnover statistics, to which the counterparty reporting page links. The annual instructions limit themselves to money market transaction data and say nothing about replacing turnover reporting.

For EU-established counterparties, and third-country counterparties transacting through an EU branch, in-scope repos and buy-sell backs fall under SFTR’s transaction reporting obligation (Regulation (EU) 2015/2365), generally by the working day following conclusion, modification or termination. However, Article 2(3) exempts transactions with a member of the European System of Central Banks, including the Riksbank, from Article 4 reporting. SFTR data can therefore provide only a partial completeness check for the annual report’s secured segment, with separate controls for central-bank transactions and other differences in reporting perimeter. Our SFTR reporting guide covers that regime.

Supervisory returns to Finansinspektionen sit on a third track. The quarterly Standardrapport under FFFS 2014:14, for example, is filed through FI’s Fidac portal on a statutory basis; our Standardrapport (STND) reporting guide covers it. None of the Riksbank’s money market documents refers to those returns.

Changes: recent versions and the points the Riksbank flags as open

The current annual instructions are the 23 November 2023 version, which the reporter page, last updated on 7 October 2025, lists as applying from 2023. Changes reach annual reporters mainly through the daily instructions they rely on for definitions, and the daily version history records four amendments from late 2023 onward:

• Version 1.7, 21 November 2023: a clarification in section 2.2 that one of the persons responsible at the reporting institution must be reachable.
• Version 1.8, 22 November 2023: a reporting requirement introduced for counterparties with access to the special facilities for central counterparties.
• Version 1.9, 30 January 2024: a clarification in section 2.4 on the money market segments.
• Version 1.10, 3 June 2024: a clarification in section 3.3.2 on the unsecured segment.

The terms move more often. The June 2026 version, in force from 8 June 2026, follows versions applying from 30 January 2026, 19 May 2025 and 22 April 2025, among others. In the current text, the reporting undertaking for monetary policy counterparties sits in B.3.2.3(c), and counterparty status is limited to credit institutions, while the RIX participant list includes payment institutions and electronic money institutions.

The Riksbank flags two points as open. Its reporting Q&A says that transactions with the Riksbank as counterparty, and transactions below SEK 10 million, need not be reported but may be, and adds for both that this may change. No date or consultation is attached to either statement, and neither the reporter page nor the Q&A announces any change to the annual workbook or instructions.

Frequently Asked Questions

Do SEK transactions booked in a branch in Oslo or London belong in the annual workbook?

Oslo, yes, on the text: Norway is in the EEA, and the Q&A brings in every EU/EEA branch of the legal entity. A London branch sits outside the EU/EEA, so its SEK bookings fall outside the stated perimeter. The instructions do not say whether the Riksbank wants such business reported anywhere else.

Do deals with the Swedish National Debt Office or a foreign central bank go in, given that Swestr treats them differently?

Yes, on the instructions’ counterparty list. The Swedish National Debt Office (Riksgaldskontoret) is a central government agency and so falls under the public sector, and foreign central banks are named in the list in their own right. The Swestr calculation keeps the Debt Office but leaves out other central banks and authorities; that filter belongs to the rate methodology and does not narrow the annual workbook. Deals with the Riksbank itself are the exception, optional for now.

Does a notice deposit that rolls every banking day count as one transaction or many?

On the daily instructions’ definitions, each roll is a new transaction with a new ID, and the worked example there reports a deposit with five days’ notice afresh every day, under a new ID each time, until the money is withdrawn. Carried into the annual workbook, that reads as one count per roll, mostly in the up-to-10-days pair, so a single client relationship can generate a large transaction count. The annual instructions do not work through the case.

We became a counterparty, or left the daily panel, part-way through the year. What period do we report?

The instructions do not address a part-year. The Information tab has From and To fields for the reference period, which allow the covered period to be stated, and tora@riksbank.se is the contact the instructions give for questions about the reporting.

Does the annual workbook need a signature or the TORA access form?

The annual instructions mention neither. The access form, with its named responsible person, is the gateway to TORA file transfer for daily reporting. For the annual route the instructions specify only the workbook, the format rules and the e-mail address.

What changes if the Riksbank moves us onto daily reporting?

Beyond the channel and format, the daily instructions require transaction-level fields such as the counterparty’s LEI, or its sector and location where no LEI exists, a NOTX report on days with no transactions in a segment, and a named person responsible for the reporting who can be reached. Late transactions are to be reported as soon as possible, with an e-mail to the Riksbank. No notice period for the move is published.

Related Articles

• Riksbank Payment Statistics Reporting: The 1 October 2026 Go-Live: the Riksbank’s statutory collection under RBFS 2025:1 for payment service providers and payment system operators.
• Riksbank Borrowing Capacity Test: What Banks Must Verify About Central Bank Liquidity Access: how banks test their ability to draw Riksbank liquidity under stress.
• Riksbank EUREP Access: A EUR 50 Billion Euro Backstop From Q4 2026: what the Riksbank’s access to euro repo funding means for Swedish banks’ euro liquidity planning.
• SFTR Reporting Explained: transaction-level reporting of repos and other securities financing transactions to EU trade repositories.
• Liquidity Reporting: LCR, NSFR and ALMM Explained: the EU liquidity returns that track funding and liquidity positions at reporting reference dates.
• Standardrapport (STND) Reporting in Sweden: The Quarterly FI Filing: Finansinspektionen’s quarterly financial return filed through Fidac.

Key Takeaways

• Recompute the filing date every January from the Swedish banking-day calendar instead of carrying a fixed date forward.
• Build the year’s totals from transaction-level data using the daily instructions’ definitions, currently version 1.10, and aggregate only at the end.
• Exclude intra-group transactions using both alternatives in Article 1(19) of ECB/2014/48, covering qualifying accounting consolidation and common consolidated prudential supervision, and exclude household counterparties before aggregation.
• Send values only: whole SEK, number-formatted cells, no formulas or references to other Excel sheets, and blank or zero for an empty segment.
• Take and document a position on unrestricted accounts used for end-of-day sweeps, or put the question to tora@riksbank.se, since the workbook and the instructions point different ways.
• Cite B.3.2.3(c) of the June 2026 terms in internal procedures, whichever letter the counterparty web page shows.
• Keep a daily-reporting plan on file (access form, ISO 20022 messages, the 07:00 cut-off) in case the Riksbank moves the institution onto the daily panel.

Sources and References

• Sveriges Riksbank, For rapportorer (Swestr reporter page, updated 7 October 2025): riksbank.se/sv/statistik/swestr/for-rapportorer/
• Sveriges Riksbank, Rapporteringsinstruktioner, Arlig rapportering av penningmarknadsdata (23 November 2023, dnr 2023-00454): PDF
• Sveriges Riksbank, Ark for arlig rapportering (annual reporting workbook): XLSX
• Sveriges Riksbank, Rapporteringsinstruktioner, Daglig rapportering av penningmarknadsdata (version 1.10, 3 June 2024, dnr 2024-00505): PDF
• Sveriges Riksbank, Fragor och svar om rapporteringen (reporting Q&A): riksbank.se Q&A page
• Sveriges Riksbank, Motparter: Rapportering (counterparty reporting page, updated 21 July 2026): riksbank.se counterparty reporting page
• Sveriges Riksbank, Villkor for RIX och penningpolitiska instrument (June 2026 version, in force from 8 June 2026): PDF
• Sveriges Riksbank, Villkor och anvisningar (counterparty terms and instructions page): riksbank.se terms page
• Sveriges Riksbank, Berakningsmetod och transaktionsunderlag for Swestr: riksbank.se Swestr method page
• Sveriges Riksbank, Arlig rapport om Swestr: riksbank.se annual Swestr report page
• Sveriges Riksbank, payment statistics reporter page (RBFS 2025:1): riksbank.se payment statistics page
• Regulation (EU) No 1333/2014 of the European Central Bank of 26 November 2014 concerning statistics on the money markets (ECB/2014/48): EUR-Lex
• Regulation (EU) 2015/2365 on transparency of securities financing transactions and of reuse (SFTR): EUR-Lex
• Finansinspektionen, FFFS 2014:14 on reporting of quarterly and annual accounts data: FI register page (consolidated version incl. FFFS 2025:14)
• Finansinspektionen, national reporting in Fidac: fi.se Fidac page

Preparing the next annual money market workbook

The workbook for the calendar year now running falls due at tora@riksbank.se early in the following year, on the 40th Swedish banking day after the turn of the year. The artifact to produce is the Riksbank’s two-tab Excel file: the institution’s name, LEI and reference period on the Information tab, and twelve rows of SEK volumes and transaction counts, split overnight and up to 10 days, entered as values on the Reporting tab.

Disclaimer: The information on RegReportingDesk.com is for educational and informational purposes only. It does not constitute legal, regulatory, tax, or compliance advice. Always consult your compliance officer, legal counsel, or the relevant supervisory authority for guidance specific to your institution.