The European Money Markets Institute

Official provider of rates

Administrator of two 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.

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Dissemination 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® will be 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 Belgian Financial Services and Markets Authority (FSMA). The European Securities and Markets Authority (ESMA) will substitute the FSMA in January 2022.

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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