The SARON is an Overnight Rate and applies to the upcoming overnight period. Market participants are typically engaged in longer term contracts such as 1, 3 or 6 months as a basis for loans and mortgages, deposits, bonds and floating rate notes, swaps and futures. To cover longer term contracts in Swiss francs and to determine the respective observation period, SARON Compound Rates and Indices are provided. The SARON Compound Rates are standardized compounded rates and calculated by compounding the daily SARON rates. The SARON Compound Indices measure the daily change of SARON Compound Rates and are expressed in index points. The Rate is available with a delay of one business day.