As the administrator of Eonia®, 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.
In December 2019, The European Money Markets Institute was granted an authorisation by the FSMA for the provision and administration of Eonia® under the Benchmarks regulation of the European Union (BMR). As such, Eonia® can continue to be used until 3 January 2022, the date on which the benchmark will be discontinued.
The European Money Markets Institute has defined and implements robust governance and oversight arrangements to ensure Eonia's integrity and reliability. A rock-solid Governance Framework has been implemented to establish the requirements and principles related to the provision of Eonia®.
The Eonia® Governance Framework consists of the following components:
- The Eonia® Governance Code of Conduct, which sets out the governance, control, and accountability frameworks for the provision of Eonia®
- The Benchmark Determination Methodology for Eonia®, which sets out the determination methodology for the calculation of Eonia® under both regular and contingency circumstances
The Eonia® Governance Framework is supported by a set of policies and procedures covering all aspects of the provision of the benchmark.
Eonia® and Euribor® Oversight Committees share the same membership. The Eonia® Oversight Committee is an independent body of market experts established by The European Money Markets Institute that exercises an unbiased oversight of all aspects related to the provision of Eonia®, among which its Governance Framework.
Click here to read about Oversight Committee members
Click here to read the Terms of Reference of the Oversight Committee
Click here to read the minutes of the Oversight Committee meetings
The main tasks of the Oversight Committee are:
- To promote the implementation of Eonia's Governance Code of Conduct
- To check compliance, monitor its effectiveness and propose adequate changes
- To monitor market developments