His resignation came as he prepared to face Swiss parliamentarians in the aftermath of the scandal, and as the bank employee sacked for leaking news of the trade was reportedly committed to a psychiatric clinic after a suicide attempt.
The Swiss franc rose as the Swiss National Bank announced Hildebrand had gone. The SNB said Hildebrand would make a statement at 1415 GMT and make available a number of documents.
"As we suggested last week his position was almost untenable and so it has proved," said Tony Nyman of Informa Global Markets. "The Swiss franc has actually gained on the news possibly due to hopes of increased integrity ahead, but also market positioning too."