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As a response to the market’s demand, the Euribor Steering Committee and the EMMI Secretariat have developed a USD Euribor®. The USD Euribor® was aimed at offering the market the best possible idea of the USD interbank market in Europe, through a geographically diversified panel of contributing banks, and using the already recognized Euribor Governance structure.
In September 2013 Euribor-EBF (now EMMI) announced the discontinuation of the USD Euribor index. Following a consultation amongst panel banks published on the EMMI website on 8 July, it is considered that the discontinuation of the index should have no impact on legacy or prospective contracts given the limited level of diffusion of this index.
The USD Euribor index had been launched on 2 April 2012 following a demand from a large number of European banks. Composed of 20 European and International banks, including Chinese and Turkish banks, its aim was to reflect the dollar funding cost in the interbank market with a panel.
1. On 26 May 2010, the Euribor Steering Committee Members voted in favour of the creation of a USD Euribor and agreed to create a Task Force in order to develop the new fixing.
2. On 10 December 2010, the Euribor-EBF (now EMMI) General Assembly approved the USD Euribor Code of Conduct and Technical Features.
3. On 27 June 2011, the USD Euribor entered the testing phase.
4. In March 2012, 3 international banks joined the panel: Bank of China, CITIC Bank International and Turkiye Garanti Bankasi A.S.
5. On 2 April 2012, after a 9-month testing period, the USD Euribor was launched with a panel of 20 European and international banks.
6. On 1st September 2013, the USD Euribor index was discontinued.