
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.
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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Publications
Newsletter | Issue 5
The fifth issue of our newsletter is out. Check it out and subscribe now to the next editions.
13 March, 23
Publications
Newsletter | Issue 4
The fourth issue of our newsletter is out. Check it out and subscribe now to the next editions.
26 October, 22
News
Launch of EFTERM®
EMMI is proud to announce the launch of EFTERM® on 14 November 2022.
10 October, 22
News
Raiffeisen Bank International AG becomes a contributor to EURIBOR®
As of 2 November 2022, EMMI will welcome Raiffeisen Bank International AG as a new member of the EURIBOR® panel
29 September, 22
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.

"Since its implementation in late 2019, the Hybrid Methodology for Euribor has proven transparent, robust, and resilient"