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Governance

Integrity and reliability

With BMR-compliance as an objective, the European Money Markets Institute has taken on actions to ensure Efterm’s continued sustainability, reliability, and integrity. In this regard, the benchmark is supported by a rock-solid Governance Framework consisting of effective control and oversight arrangements for the Administrator and for the Calculation Agent. 

The European Money Markets Institute is fully compliant with the EU Benchmarks Regulation. BMR authorisation is synonymous with the highest degree of transparency and integrity. As an Authorised Administrator, The European Money Markets Institute is duly supervised by the European Securities and Markets Authority (ESMA).

Governance Framework

The Efterm® Governance Framework entails:

  • The Efterm® Governance Code of Conduct, setting out all governance, control, and accountability frameworks for the provision of Efterm®
  • The Efterm® Code of Obligations of the Calculation Agent, setting out the requirements for the Calculation Agent in acting as a sub-contractor of The European Money Markets Institute for the determination of Efterm®
  • The Benchmark Determination Methodology for Efterm®, setting out the determination methodology for the calculation of Efterm® under both regular and contingency circumstances

The Efterm® Governance Framework is furthermore supported by a set of policies and procedures covering all aspects related to the provision of the benchmark.

Oversight Committee

An Oversight Committee of market experts supervises the application of the Governance Framework for Efterm®. The Oversight Committee is an independent body established by The European Money Markets Institute that exercises an unbiased oversight of all aspects related to the provision of Efterm®.

Click here to read about the Oversight Committee members.

Click here to read the Terms of Reference of the Oversight Committee.

Documents

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Efterm® Benchmark Statement

Methodology Governance Efterm | November 2022

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Efterm® Governance Code of Conduct

Governance Efterm | October 2022

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Code of Obligation of the Calculation Agent

Governance Efterm | October 2022

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Benchmark Determination Methodology for Efterm®

Methodology Governance Efterm | October 2022

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Terms of Reference of the Oversight Committee

Governance Oversight Committee Efterm | October 2022