Library corner

Policies & Procedures

EMMI Policies

WHAT's NEW

November 2020: The Working group on euro risk-free rates has published two public consultations
December 2019: EMMI publishes EONIA Benchmark Statement
November 2019: EMMI granted authorisation by Belgian FSMA for provision and administration of EONIA under EU BMR
November 2019: EMMI confirms the successful completion of the phase-in of all EURIBOR® Panel Banks to the hybrid methodology
October 2019: EMMI publishes EONIA® under the reformed determination methodology and has applied for authorisation

On 14 December 2000, the Governing Council of the European Central Bank (ECB) has decided that, from 2002 until further notice, the Trans-European Automated Real-time Gross settlement Express Transfer (TARGET) system will be closed, in addition to Saturdays and Sundays, on the following days:

New Year's Day
Good Friday (Catholic/Protestant)
Easter Monday (Catholic/Protestant)
1 May (Labour Day)
Christmas Day
26 December

For further information, please visit the Website of the ECB.

Charts

EMMI

COVID-19 - EMMI is implementing the necessary contingency measures to ensure business continuity during the COVID-19 pandemic.

In order to ensure the continuity of its operations during the COVID-19 pandemic, EMMI is implementing appropriate cautionary measures and adopted a set of recommendations issued by the WHO and the Belgian Federal Government.

Given the systemic importance of its critical interest rates benchmarks (EURIBOR and EONIA) for financial stability in general and the money markets more specifically, EMMI informs that the continuity of its operations will be ensured, regardless of the evolution of the situation. As such:

EURIBOR will continue to be published every TARGET day, at or shortly after 11.00 Brussels time for its Defined Tenors (1 week, 1 month, 3 months, 6 months and 12 months);
EONIA will continue to be published every TARGET day, at or shortly after 09.15 Brussels time;
The STEP Secretariat will continue to be managed and its staff will be reachable by phone or email.

EMMI is the Administrator of two critical benchmarks:

	EURIBOR^® is the money market reference rate for the euro, for which EMMI has been granted an authorisation under Article 34 of the Benchmarks Regulation of the European Union.
	EONIA^® is the interbank overnight lending reference rate for the euro, for which EMMI has been granted Authorisation under Article 34 of the Benchmarks Regulation of the European Union. EONIA^® will be discontinued on 3^rd January 2022.

The benchmarks benefit from:

A solid Governance Code of Conduct (EURIBOR^®– EONIA^®) which sets out the governance, control and accountability frameworks established by EMMI.

An independent Steering Committee (EURIBOR^® – EONIA^®) of market experts which oversees the application of the Governance Code of Conduct and monitors market developments.

A dedicated Secretariat.

In addition, EURIBOR^® benefits from a panel of contributing banks.

The European Money Markets Institute (hereafter EMMI) advises users of EURIBOR^® and EONIA^® to regularly assess that the EMMI benchmark(s) they use is/are appropriate, suitable and relevant for the targeted market(s). EMMI also advises them to put in place their own contingency provisions in the event any of EMMI’s benchmarks are not available or in case of (temporary) benchmark discontinuation.
To adapt EURIBOR^® and EONIA^® to changes in the underpinning markets, and to align them with regulatory and market recommendations, EMMI steadily assesses and recalibrates, if and when necessary, their respective calculation methodology.