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Beta Efterm®

Efterm® 

The forward-looking €STR Term Rate (Efterm®) will be designed to measure the average expected €STR rates over the tenors 1 week, 1 month, 3 months, 6 months and 12 months. The European Money Markets Institute has appointed ICE Benchmark Administration Limited as a calculation agent for Efterm® and has begun to apply a waterfall methodology to dealer-to-client bid and offer prices and volumes obtained from Tradeweb’s global institutional trading platform or end-of-day settlement prices for ICE® 1 month €STR futures contracts. Tradeable bid and offer prices and volumes from regulated, electronic trading venues will also be used in the waterfall when available.

Beta rates

The European Money Markets Institute publishes sample calculations (Beta Efterm® Rates) on this webpage for an initial testing period. The sample file will be updated every Monday with the daily calculations from the previous week.

The Beta Efterm® Rates are for information and illustration purposes only. They should facilitate Euribor® users to evaluate the suitability of the Beta Efterm® Rates as a fallback to Euribor® in their own use cases.

Public consultation

On 1 July 2022, EMMI launched a public consultation to seek input from all interested parties on the EFTERM® methodology. The consultation paper is available via the link below. EMMI welcomes feedback to the questions raised in the consultation before 31 August 2022.

A summary of the stakeholder feedback, together with the final methodology for EFTERM®, will be made available in the fourth quarter of 2022.

Disclaimers

Under no circumstances should the Beta Efterm® Rates be used as a reference in a financial instrument or financial contract, to determine the amount payable under a financial instrument or financial contract, or to measure the performance of an investment fund.

In no event shall The European Money Markets Institute or its third-party providers be liable for any damages, including without limitation direct or indirect, special, incidental, or consequential damages, losses of any nature of expenses arising in connection with the use or misuse of the Beta Efterm® Rates, any failure of performance, error, omission, interruption, defect, delay in operation or transmission, computer virus, line or system failure, unauthorized interception of information, or other security threats relating to the Beta Efterm® Rates, including but not limited to, lost profits or punitive or consequential damages, even if The European Money Markets Institute has been advised of the possibility of same.

ICE Benchmark Administration Limited (IBA) is EMMI's calculation agent for Efterm®. Input data for Efterm® is provided “as is” by data providers. IBA, data providers and its and their affiliates owe no duty of care to users or recipients of Efterm® and will not be liable to users or recipients of Efterm® in relation to Efterm® or the input data in any way whatsoever, whether under tort, contract, misrepresentation, restitution, breach of statutory duty, or otherwise under any applicable law save for any liability which by law may not be excluded. None of IBA, any data providers, or any of its or their affiliates make any claim, prediction, warranty, or representation whatsoever, express or implied, in relation to Efterm®, the input data, or the appropriateness, suitability, or fitness of Efterm® or the input data for any particular purpose to which it might be put and all warranties and representations of any kind, express or implied, are excluded.

Documents

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Beta Efterm® Time Series

Efterm | September 2022

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Public consultation on Efterm®

Efterm | July 2022