The SNB takes a step to better optimize operations in a number of different currencies, markets, and time zones.
The Swiss National Bank's operating unit will start a two-year pilot project from August 2023 under which it will split operations between Zurich and Singapore, according to information received by finews.asia. With that step, it intends to improve processing and execution in different currencies, markets, and time zones, an SNB spokesperson confirmed.
As part of that, two individuals will be based there to handle securities, currency, and derivatives transactions while managing overall financial market asset inventories. In Singapore, the central bank employs 11 people in total and it is currently the SNB's only foreign branch.
Ten Years On
It is led by Carolin Reiss and has been since October 2022, when she succeeded Marco Huwiler, who subsequently returned to Switzerland. Reiss has been working for the SNB for ten years, mainly in the currency trading department and as an advisor for its so-called Department III (money markets and foreign exchange, asset management, banking operations, and information technology). She is a native German citizen from Hannover who previously worked at Commerzbank and she possesses a Masters's Degree from Humboldt University in Berlin although she also studied at the University of Zurich.
The Singapore branch has stood the test of time given that it is celebrating ten years of existence this year (finews.ch, German only). Its presence in the city-state allows it to more efficiently manage currency reserves in Asia and Oceania in local time zones while assisting with monetary policy operational requirements in foreign exchange markets. Its close proximity to regional market participants allows it to profit from a network of local institutions and market participants.
