ACOSS becomes first issuer to join EMMI’s ESG CP Transparency Monitor
Marking a significant milestone for EMMI’s ESG CP Transparency Monitor, France’s Agence Centrale des Organismes de Sécurité Sociale (ACOSS) has become the first issuer to join this initiative.
EMMI’s ESG CP Transparency Monitor is set to enhance transparency in the European commercial paper market, offering a platform for issuers to align their financial instruments with Environmental, Social, and Governance (ESG) principles. Its primary aim is to provide market participants with a robust framework for disclosing ESG-related information, fostering accountability, and reinforcing the role of commercial paper as a viable and transparent funding instrument for sustainability-oriented organizations.
Read more on the topic here.
National Bank of Greece joins Euribor® Panel
The European Money Markets Institute (EMMI) is pleased to confirm the addition of the National Bank of Greece (NBG) to the panel of credit institutions contributing to Euribor®. The original announcement was made in June 2024. NBG’s contribution to the Euribor® Panel is expected to officially start on January 20 and comes after Finland’s OP Bank joined in November 2024.
Download the press release here.
Finland’s OP Corporate Bank joins Euribor® Panel
The expansion marks a significant step in further diversifying the panel, which strengthens the representativeness of Euribor® in the Eurozone, and follows the implementation of the Euribor® Hybrid Methodology, designed to ease the burden on current panel banks and attract new ones.
Download the press release here.
Celebrating 25 Years of Euribor and 10 Years of EMMI: A Milestone in Financial Excellence and Transparency
The European Money Markets Institute (EMMI) is proud to announce a dual celebration marking two significant milestones in the European financial landscape: the 25th anniversary of Euribor, one of the world’s most widely used interest rate benchmarks, and the 10th anniversary of EMMI, the institution dedicated to ensuring the transparency, integrity, and robustness of financial benchmarks in Europe.
Download the press release here.
EMMI announces completion of updated Euribor® Methodology phase-in period
The European Money Markets Institute (EMMI) is pleased to announce the successful completion of the phase-in period for the enhanced Euribor® methodology.
By using a standardised approach, the enhanced methodology will ease the burden on the Panel Banks that provide input to the calculation of Euribor® and make it more attractive for new banks to join the panel. At present, 19 credit institutions contribute to Euribor's® calculation, with Finland's OP Bank and the National Bank of Greece set to officially join in the coming weeks.
Download the press release here.
Euribor® Panel Welcomes Finland’s OP Corporate Bank and the National Bank of Greece
The European Money Markets Institute (EMMI) is pleased to announce Finland’s OP Corporate Bank and the National Bank of Greece as the latest additions to the panel of credit institutions contributing to Euribor®. The expansion marks a significant step in further diversifying the panel, including soon to be contributors from Finland and Greece. Such diversification strengthens the representativeness of the Euribor® benchmark throughout the Eurozone and reinforces its robustness. This enlargement of the panel comes after the start of the phase-in of the much-anticipated enhancements to the Euribor® Hybrid Methodology, designed to ease the burden on current panel banks and attract new ones.
Download the press release here.
Administrator of critical benchmarks
The European Money Markets Institute is an international non-for-profit association working for the public good by facilitating the smooth functioning of euro money markets and fostering their further integration.
The European Money Markets Institute is an Authorised Administrator under the Benchmarks Regulation of the European Union. As such, we develop and administer critical benchmarks. We work continuously to enhance the governance framework of our benchmarks and their transparency, in order to preserve their high quality and integrity.
We act as a trusted partner with a strong sense of ethics.
Read MoreDissemination of our benchmarks’ rates
The euro money market reference rate
Euribor®
Euribor® is the unsecured money market reference rate for the euro. The benchmark was declared a critical benchmark by the European Commission in 2016 because of its systemic importance for financial stability
The euro forward-looking term rate
Efterm®
Efterm® is a forward-looking €STR-based term rate. It is designed as a fallback rate to Euribor®
To protect their integrity and reliability, Euribor® and Efterm® benefit from:
- A solid Governance Framework establishing the requirements and principles related to their provision and setting out effective control arrangements to ensure their integrity and reliability in all market circumstances
- An independent Oversight Committee of market experts. They follow markets developments and exercise an unbiased oversight of all aspects related to the provision of the benchmarks, including their Governance Framework and methodology
As an Authorised Administrator, The European Money Markets Institute is duly supervised by the European Securities and Markets Authority (ESMA). ESMA substituted the Belgian Financial Services and Markets Authority (FSMA) on 1 January 2022.
Click here to read about ESMA’s Benchmark supervisory mandate.
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Initiative
STEP
To foster harmonised access to markets, The European Money Markets Institute promotes standards, practices, and labels like STEP - standing for Short-Term European Paper. With standardisation and transparency as a backbone, STEP establishes common practices and standards for the documentation of short-term paper programmes in Europe
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News
Fee Schedule 2026
Pricing update as of 1 January 2026
27 June, 25
Publications
Newsletter | Issue 11
The eleventh issue of our newsletter is out. Check it out and subscribe now to the next editions.
24 March, 25
Statements
EMMI Updates Euribor Hybrid Methodology with Enhanced Control Parameter
EMMI Updates Euribor Hybrid Methodology with Enhanced Control Parameter
24 January, 25
Statements
Second Annual Review of the Efterm
Second Annual Review of the Efterm
24 January, 25
About us
"For over 20 years, Euribor has been a reliable euro money market reference. After its successful reform in recent years, Euribor fully complies with the EU Benchmarks Regulation."
"The latest developments of Euribor® and its fallback rate Efterm® have positive effects on the benchmark by improving its robustness and making it even more resistant."
"The hybrid methodology allows Euribor to remain fit for purpose in all market conditions, always complies with the latest regulatory requirements and industry recommendations, for the good of all final users, ranging from financial institutions to corporates, SMEs or consumers."
