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As the administrator of Eonia®, The European Money Markets Institute was duly supervised by the Belgian Financial Services and Markets Authority (FSMA). The European Securities and Markets Authority (ESMA) substituted the FSMA on 1 January 2022.

BMR authorisation

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® could be used until 3 January 2022, the date on which the benchmark was discontinued.

Governance Framework

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.

Oversight Committee

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



Eonia® Benchmark Statement

Governance Eonia | January 2021


Benchmark Determination Methodology for Eonia®

Methodology Governance Eonia | September 2019


Eonia® Governance Code of Conduct

Governance Eonia | September 2019