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Recommendations for EONIA of the Working Group on euro risk-free rates (March 2019)


Following the recommendation of the Working Group of the ECB’s €STR as the alternative euro risk-free rate (RFR) on 13 September 2018, the Working Group continued exploring possible approaches to ensure a smooth transition from EONIA to the €STR. In December 2018, the Working Group published a report on the transition from EONIA to the €STR (the Report), in which a number of transition scenarios, proposals, and recommendations to promote and facilitate this transition were laid out.

Some of the recommendations presented in the Report were addressed to EMMI. Given the systemic importance of EONIA for the financial markets, also recognised by the European Commission in June 2017, when EONIA was classified as a critical benchmark under the EU BMR, EMMI would like to consult the public on the measures proposed and endorsed by the Working Group during its meeting on 14 March 2019.

Due to the dependencies between the recalibration of EONIA’s methodology and the ECB’s production plans for the €STR, which stem from the recommendations of the Working Group, the market and other users of EONIA will have to adapt to a change in the publication time of EONIA in a short timeframe. On 20 March 2019 EMMI published a consultation with the intention to raise awareness of the implications of the suggested changes, and ensure that users of EONIA start preparing for the upcoming changes as soon as possible. On 31 May 2019 EMMI published the feedback summary.

In view of the responses received, EMMI adopted the new methodology recommended by the Working Group, which will take effect on 2 October 2019.

Related material:



Enhancements to the EONIA benchmark (August 2016)


Related material:


Erratum: A previous version of the Consultation indicated that the publication of the feedback summary would take place on 30 May 2019.

Due to the observation of Ascension as a public holiday in some countries in Europe, the feedback summary and details on the implementation plan of the recalibration will be published on 31 May 2019 .