- March 2021: Statement of compliance with EU Benchmarks Regulation 2021
- February 2021: Planned cessation of Eonia on 3 January 2022
- February 2021: Outcome of the first annual review of the Hybrid Methodology for EURIBOR
- November 2020: The Working group on euro risk-free rates has published two public consultations
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.
CONSEQUENCES OF BREXIT ON THE USE OF EURIBOR® AND EONIA®
Brussels, 8th December 2020 - On 31st January 2020, the United Kingdom (UK) officially withdrew from the European Union (EU). As the administrator of the critical EURIBOR® and EONIA® benchmarks, the European Money Markets Institute (EMMI) informs about the use of its benchmarks by third-country and local supervised entities in the UK, based on the latest (regulatory) developments.
The Withdrawal Agreement ratified by the EU and the UK provides for a transitional period until 31st December 2020 during which EU law continues to apply. Consequently, the use of EURIBOR® and EONIA®* by supervised entities in the UK remains unchanged until that date.
As of 1st January 2021, EMMI will be subject to the third-country benchmarks regime in the UK, and the onshored UK benchmarks regulation (UK BMR) will take immediate effect. The latter includes a transitional regime allowing the use of third-country benchmarks like EURIBOR® and EONIA®* until 31st December 2022. As such, during this time, there will be no requirement for third-country benchmarks or their administrators to be included in the Financial Conduct Authority (FCA) benchmarks register.
Furthermore, on 9th November 2020, HM Treasury has granted a package of equivalence decisions to European Economic Area (EEA) States, consisting of the Member States of the EU and three countries of the European Free Trade Association (EFTA). The Benchmarks Regulation Equivalence Directions 2020 enables third-country benchmark administrators to be added to the FCA’s benchmarks register, and to provide benchmarks to supervised entities in the UK.
A last, a proposal in the UK Financial Services Bill has been made to extend the deadline to 31st December 2025, but it is still conditional at present time.
In the coming months, EMMI will assess thoroughly the modalities of complying with the third-country regime in the UK, in order to ensure that its benchmarks can continue to be used by supervised entities located in the UK in the longer term.
* Please note that EONIA® will be discontinued on 3rd January 2022, as initially planned.
Brussels, 3rd February 2020 - On 31st January 2020, the United Kingdom (UK) officially withdrew from the European Union (EU). As the administrator of the critical EURIBOR® and EONIA® benchmarks, the European Money Markets Institute (EMMI) is providing information on the use of its benchmarks by supervised entities in the UK, based on the information available today.
The Withdrawal Agreement ratified by the EU and the UK provides for a transitional period until 31st December 2020, during which EU law will continue to apply. Consequently, the use of EURIBOR® and EONIA® by supervised entities in the UK will remain unchanged until that date.
As of 1st January 2021, EMMI should be subject to the third country benchmarks regime in the UK. On the same day, the onshored UK benchmarks regulation (UK BMR) should also take immediate effect, including a transitional regime which should allow the use of third country benchmarks like EURIBOR® and EONIA® until 31st December 2022. Please note that EONIA® will be discontinued on 3rd January 2022.
During this time, there will be no requirement for third country benchmarks or their administrators to be included in the Financial Conduct Authority (FCA) benchmarks register.
EMMI will further assess the modalities of complying with the future third country regime in the UK in the coming months, in order to ensure that its benchmarks can continue to be used by supervised entities located in the UK in the longer term.
All information on this pageis provided for informational purposes only. The present statement is not, and should not be taken as or relied upon as constituting, financial, investment, legal, tax, regulatory or any other form of advice, recommendation or assurance. EMMI reserves the right to amend any aspect of this statement.
No responsibility or liability can be accepted by EMMI nor their respective directors, officers, employees and/or relevant third parties for a) any loss or damage in whole or in part caused by, resulting from, or relating to any error (negligent or otherwise) or other circumstances involved in procuring, collecting, compiling, interpreting, analysing, editing, transcribing, transmitting, communicating or delivering any such information or data from use of this document or links to this document or b) any direct, indirect, special, consequential or incidental damages whatsoever, even if any member of EMMI is advised in advance of the possibility of such damages, resulting from the use of, or inability to use, such information.
EMMI advises benchmark users to take all appropriate measures to verify themselves if, in line with the UK financial domestic legislation, and given each of their specific situations, they may or may not continue to use EMMI’s benchmarks for whatever purpose.
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.