Public consultation on Efterm®

01 July 2022

Public consultation on the euro forward-looking term rate EFTERM ®


After introducing the Beta EFTERM® Rates on 13 June 2022, The European Money Markets Institute (EMMI) is now launching a public consultation on the euro forward-looking term rate EFTERM®.

This consultation represents a major milestone in the development of this fallback rate. It's also a very good news for EURIBOR® users as EFTERM® will be an easily accessible option to comply with relevant legal requirements[1] to have robust plans in place for the event that a benchmark ceases to exist.

From 1 July to 31 August 2022, all interested parties will have the opportunity to respond to the questions that are published on the EMMI website. The draft methodology is detailed therein. It is based on the recommendations issued by the Euro Risk Free Rate Working Group.

The summary of the stakeholders' feedback and the final methodology for EFTERM® will be available during the fourth quarter of 2022.

Link to the EFTERM® consultation paper:

Link to the Beta EFTERM® webpage:

You can download the press release here