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RBA Glossary definition for OIS

OIS – Overnight indexed swap, a bilaterally traded, or over-the-counter (OTC), derivative in which one party agrees to pay the other party a fixed interest rate in exchange for receiving the average cash rate recorded over the term of the swap.

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Review of the Yield Target

22 Mar 2023
In March 2020, the Reserve Bank Board introduced a target for the yield on the three-year Australian Government bond which was discontinued in November 2021. This review examines the experience with the yield target and draws lessons from this


2 May 2023
A glossary of terms used on the RBA website

Videos | Education

4 May 2023
So the summary indicator that was generally used to look at this is this [graph] in terms of the tension in fixed income markets is the LIBOR OIS spread. ... There's a difference between LIBOR and OIS, which is the expected policy rate, or the equivalent

Extracting Information from Financial Market Instruments

10 Mar 2012 Bulletin – March 2012
Richard Finlay and David Olivan
Graph 1. OIS contracts trade for relatively short terms, generally of less than one year. ... The use of the OIS market to gauge cash rate expectations does, however, present some challenges.

The Domestic Market for Short-term Debt Securities

10 Sep 2011 Bulletin – September 2011
Matthew Boge and Ian Wilson
Others may use OIS to speculate on the near-term direction of the cash rate. ... Subsequently, OIS rates have declined, suggesting that market participants expect a near-term easing in monetary policy.

Monetary Policy, Equity Markets and the Information Effect

23 Mar 2021 RDP 2021-04
Calvin He
4. Data and Method. To calculate monetary policy surprises I use data from the OIS market. ... Hence, it appears that the augmented monetary policy surprises continue to reflect movements in the entire OIS curve.
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The Yield and Market Function Effects of the Reserve Bank of Australia's Bond Purchases

24 May 2022 RDP 2022-02
Richard Finlay, Dmitry Titkov and Michelle Xiang
Figure 6: Change in AGS Spreads to OIS. Over key event study days. ... Target bond yields. 3-year OIS rate. Target bond yields. 3-year OIS rate.


23 Apr 2019 RDP 2019-03
Jonathan Kearns, Andreas Schrimpf and Fan Dora Xia
Unlike futures contracts which refer to the overnight rate in a particular calendar month, the maturity in the OIS contract is fixed. ... Hence they allow investors to more finely calibrate their hedges. OIS contracts are widely traded in a broad array
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Monetary Policy, Equity Markets and the Information Effect

24 Oct 2021 RDP PDF 1573KB
4.1 Data. To calculate monetary policy surprises I use data from the OIS market. ... year.7 In principle, the changes in one OIS contract around monetary policy announcements could.

Changes to the Reserve Bank's Open Market Operations

22 Feb 2022 Speech
Christopher Kent
Speech delivered by Christopher Kent, Assistant Governor (Financial Markets), to the Australian Financial Markets Association, Sydney