Consultation: Amendments to the Terms and Conditions for RIX and Monetary Policy Instruments

The Riksbank welcomes the changes to the Settlement Act (1999:1309) that allows Payment Institutions and Electronic Money Institutions to become participants in a designated settlement system. Allowing more institutions to offer payments on the same terms increases competition, which can ultimately benefit the end consumer.

The new institutions may be authorised to participate in RIX, the Riksbank’s system for settlement of payments, and in its settlement services, RIX-RTGS and RIX-INST. However, participation must not entail a risk to the Riksbank’s monetary policy mandate, the safeguarding of financial stability or the safety and efficiency of the payment system. To minimise the risks, their participation should be limited to enabling the settlement of payments by (i) an individually calculated limit for deposits in RIX, with a cap of SEK 100 million, and (ii) without access to intraday credit. The new institutions will not be given the possibility to participate in the operational framework for the implementation of monetary policy.

In order to limit the number of times that the Terms and Conditions are updated, a number of additional amendments are simultaneously being implemented.

The contractual conditions that regulate participation in RIX are collected in the "Terms and Conditions for RIX and Monetary Policy Instruments". The Riksbank now proposes amendments of the conditions and is therefore sending out the proposed amendments for consultation.

Consultation responses shall be submitted to the Riksbank no later than 21 February 2025.