Lets see if it's just noise on Dec 16th (next ecb long dated tender if I'm not mistaken). That's been the talked about date for the SNB to wade in with their size twelves again....
I still don't get it... I just don't see any reason (regardless of what that UBS dude says) for the SNB to tie their interventions to the ECB refi ops. Proof's in the pudding, so I guess we'll see what happens in December.