Consultation Paper: proposed changes to Euribor methodology
EMMI's commitment to maintaining the integrity and reliability of the Euribor benchmark has led to a comprehensive review of its methodology. The proposed changes are designed to address specific aspects of the benchmark while preserving its core characteristics. The consultation paper outlines EMMI's efforts to further enhance Euribor’s methodology and invites feedback from market participants, interested parties and stakeholders at large.
The key elements under consideration are:
1. Reformulation of Level 2.3
2. Discontinuation of Level 3
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 More
Dissemination of our benchmarks’ rates
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
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.
Promoter of the STEP label
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
Non-commercial use & research purposes
- View 25 days of benchmark rates with a 24-hour delay
- Request Historical data for research purposes
Public consultation on Euribor® Hybrid Methodology
EMMI announces the release of a consultation paper proposing changes to the Euribor methodology.
11 October, 23
Fee Schedule 2024
Pricing update as of 1 January 2024
29 June, 23
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