Stress testing / Past events
The Swiss franc floor removal, January 2015
On 15 January 2015 the Swiss National Bank discontinued the minimum exchange rate of CHF 1.20 per euro that it had set on 6 September 2011, and lowered the interest rate on sight deposit balances above an exemption threshold to -0.75%. The franc strengthened abruptly: the ECB euro reference rate fell from CHF 1.2010 on 14 January to CHF 1.0280 on 15 January (-14.40%), and SIX reports that the Swiss Market Index lost 8.67% that day.
Written by Antevo · 15 September 2026 · public data and official sources
What markets did01 / What happened
The record,
in order.
SNB sets a minimum exchange rate of CHF 1.20 per euro: "With immediate effect, it will no longer tolerate a EUR/CHF exchange rate below the minimum rate of CHF 1.20", and says it is prepared to buy foreign currency in unlimited quantities.Source
SNB introduces negative interest rates: -0.25% on sight deposit account balances above an exemption threshold, with the three-month Libor target range set at -0.75% to 0.25%. It reaffirms the CHF 1.20 minimum rate. Its instruction sheet says negative interest will be charged as of 22 January 2015.Source
SNB discontinues the minimum exchange rate of CHF 1.20 per euro. It lowers the interest rate on sight deposit balances above the exemption threshold by 0.5 percentage points to -0.75%, and moves the three-month Libor target range to between -1.25% and -0.25%, from between -0.75% and 0.25%.Source
The Swiss Market Index (SMI) loses 8.67% on the day, which SIX describes as the second-largest one-day loss in the index's history.Source
Date from which, under the SNB's 18 December 2014 instruction sheet, negative interest is charged on sight deposit balances above the exemption threshold.Source
02 / What markets did
Observed moves,
with the window stated.
Close-to-close where marked. These are historical observations from public data, not a model and not a forecast.
| Measure | Window | Level | Change | Source |
|---|---|---|---|---|
| EUR/CHF (ECB reference rate), CHF per EUR | 14 January 2015 → 15 January 2015 | 1.201 → 1.028 | −14.40% | ECB euro foreign exchange reference rate (2.15 pm CET), Source: ECB statistics · Day of the SNB announcement. A lower number means a stronger franc. The H.10 cross for the same dates (noon New York) gives 1.2009 -> 1.0357 (-13.76%). |
| USD/CHF (H.10), CHF per USD | 14 January 2015 → 15 January 2015 | 1.0172 → 0.893 | −12.21% | Board of Governors of the Federal Reserve System, H.10 Foreign Exchange Rates (noon buying rates in New York), via FRED · Series DEXSZUS. Noon New York buying rate. |
| GBP/CHF (ECB cross), CHF per GBP | 14 January 2015 → 15 January 2015 | 1.5491 → 1.3399 | −13.50% | Computed from ECB euro reference rates CHF/EUR divided by GBP/EUR (2.15 pm CET), Source: ECB statistics · Cross computed from ECB CHF/EUR and GBP/EUR reference rates. H.10 cross (DEXUSUK x DEXSZUS) for the same dates: 1.5496 -> 1.3539 (-12.63%). |
| EUR/CHF (ECB reference rate), CHF per EUR | 14 January 2015 → 13 February 2015 | 1.201 → 1.0576 | −11.94% | ECB euro foreign exchange reference rate (2.15 pm CET), Source: ECB statistics · About one month after the announcement; 13 Feb 2015 is the last date on which both ECB and H.10 rates exist before 16 Feb 2015 (a US holiday with no H.10 rate). Lowest ECB fixing between 15 Jan and 27 Feb 2015: 0.9816 on 2015-01-23. |
| USD/CHF (H.10), CHF per USD | 14 January 2015 → 13 February 2015 | 1.0172 → 0.9308 | −8.49% | Board of Governors of the Federal Reserve System, H.10 Foreign Exchange Rates (noon buying rates in New York), via FRED · Lowest H.10 rate between 15 Jan and 27 Feb 2015: 0.8488 on 2015-01-16. |
| GBP/CHF (ECB cross), CHF per GBP | 14 January 2015 → 13 February 2015 | 1.5491 → 1.429 | −7.75% | Computed from ECB euro reference rates CHF/EUR divided by GBP/EUR (2.15 pm CET), Source: ECB statistics · H.10 cross for the same dates: 1.5496 -> 1.4329 (-7.53%). |
Swiss Market Index (SMI): -8.67% (close to close) (14 Jan 2015 close to 15 Jan 2015 close). Source
03 / The data
Daily series,
from public sources.
EUR/CHF, ECB euro reference rate (CHF per EUR)
USD/CHF, Federal Reserve H.10 (CHF per USD)
For a franc-based investor
The same event,
read in francs.
For a franc-based holder of euro assets, the value in francs of every euro held fell by 14.40% between the 14 and 15 January 2015 ECB reference rates, even where the euro price of the asset did not change. US-dollar holdings lost 12.21% in franc terms on the H.10 rates over the same day. A month later, on 13 February 2015, the euro was still 11.94% lower against the franc than on 14 January.
01Historical observations, not Antevo’s scenario definitions or calibrations.
02No forecast and no probability. The next event will differ.
03Intelligence, not advice. Decisions belong to you and your advisers.
Explore a sample stress testSources
Where every number
comes from.
1.ECB Data Portal, EXR.D.GBP.EUR.SP00.A (Pound sterling/Euro ECB reference exchange rate)data.ecb.europa.eu2.FRED, DEXUSUK: U.S. Dollars to U.K. Pound Sterling Spot Exchange Rate (Federal Reserve H.10)fred.stlouisfed.org3.FRED, DEXUSEU: U.S. Dollars to Euro Spot Exchange Rate (Federal Reserve H.10)fred.stlouisfed.org4.ECB statistics usage policywww.ecb.europa.eu5.SNB press release, 6 September 2011: Swiss National Bank sets minimum exchange rate at CHF 1.20 per eurowww.snb.ch6.SNB press release, 18 December 2014: Swiss National Bank introduces negative interest rateswww.snb.ch7.SNB press release, 15 January 2015: Swiss National Bank discontinues minimum exchange rate and lowers interest rate to -0.75%www.snb.ch8.SIX, SMI 30 years at a glance (15 January 2015 entry)www.six-group.com9.ECB Data Portal, EXR.D.CHF.EUR.SP00.A (Swiss franc/Euro ECB reference exchange rate)data.ecb.europa.eu10.FRED, DEXSZUS: Swiss Francs to U.S. Dollar Spot Exchange Rate (Federal Reserve H.10)fred.stlouisfed.org