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Governance

Integrity and reliability

With BMR-compliance as an objective, the European Money Markets Institute has successfully taken on actions as early as 2015 to ensure Euribor’s continued sustainability, reliability, and integrity. In this regard, the benchmark was considerably strengthened by putting in place a rock-solid Governance Framework consisting of effective control and oversight arrangements for the Administrator, for the contributors, 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. It also confirms that the methodology for Euribor® is robust, resilient, and representative of its underlying market.

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.

Governance Framework

The Euribor® Governance Framework entails:

  • The Euribor® Governance Code of Conduct, setting out all governance, control, and accountability frameworks for the provision of Euribor®
  • The Euribor® Code of Obligations of Panel Banks, setting out uniform standards and obligations for the Panel Banks with regard to the provision of input data contributions for the determination of Euribor®
  • The Euribor® 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 Euribor®
  • The Benchmark Determination Methodology for Euribor®, setting out the determination methodology for the calculation of Euribor® under both regular and contingency circumstances

The Euribor® 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 Euribor®. 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 Euribor®.

Click here to read about the 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.

 

Documents

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Code of Obligations of the Calculation Agent

Euribor Governance | June 2022

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Euribor® Governance Code of Conduct

Euribor Governance | June 2022

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Euribor® Code of Obligations of Panel Banks

Euribor Panel Banks Governance | June 2022

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List of Panel Banks Declaration of Adherence

Euribor Panel Banks Governance | February 2022

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Benchmark Determination Methodology for Euribor®

Euribor Methodology Governance | March 2021

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Data Transmission and Validation under the Hybrid Methodology

Euribor Methodology Governance | April 2019

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Terms of Reference of the Oversight Committee

Euribor Governance Oversight Committee | December 2018

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Record-keeping Policy and Procedure for Benchmarks

Euribor Governance Policies Eonia | May 2016