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 interbank overnight lending reference rate
Eonia®
Eonia® is the interbank overnight lending reference rate for the euro. Since 1 October 2019, Eonia® is calculated with a reformed methodology tracking the €STR. The publication of Eonia® was discontinued on 3 January 2022
To protect their integrity and reliability, Euribor® and Eonia® 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. The Oversight Committees for Euribor® and Eonia® share the same membership. 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.
Promoter of the STEP label
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
Methodology Review
Outcome of the second annual review of the Hybrid Methodology for Euribor®.
29 June, 22
News
New Board Chair
Satu Huber becomes Board Chair as from 24 July 2022.
28 June, 22
News
Publication of Beta Efterm® Rates
The European Money Markets Institute has today started to publish a beta version of its first Euribor® Fallback Rates
13 June, 22
Events
STEP Webinar Italy
STEP is of particular relevance for the Italian market, as Italian banks are now allowed to issue commercial paper following the regulatory change introduced by the "Decreto Rilancio".
25 November, 21
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"
"Governance and transparency are two pillars of The European Money Markets Institute. With a solid Governance Framework, including an independent Oversight Committee, the quality and integrity of Euribor are perfectly safeguarded"
"Since its implementation in late 2019, the Hybrid Methodology for Euribor has proven transparent, robust, and resilient"
