Euribor® Panel Welcomes Finland’s OP Corporate Bank and the National Bank of Greece
The European Money Markets Institute (EMMI) is pleased to announce Finland’s OP Corporate Bank and the National Bank of Greece as the latest additions to the panel of credit institutions contributing to Euribor®. The expansion marks a significant step in further diversifying the panel, including soon to be contributors from Finland and Greece. Such diversification strengthens the representativeness of the Euribor® benchmark throughout the Eurozone and reinforces its robustness. This enlargement of the panel comes after the start of the phase-in of the much-anticipated enhancements to the Euribor® Hybrid Methodology, designed to ease the burden on current panel banks and attract new ones.
Download the press release here.
Enhancements to the Euribor Hybrid Methodology: start of the phase-in period and updated Governance Framework
We are pleased to announce that we have started the phase-in of the much-anticipated enhancements to the Euribor Hybrid Methodology. As previously explained, the changes aim to ease the burden on current panel banks and attract new ones. The transition to the enhanced methodology will take place gradually over the coming months. The phase-in period is expected to be completed by November this year.
With the new enhancements, come some adaptations in the governance framework. As was the case with its predecessor, the adapted governance framework will continue to uphold Euribor’s highest levels of transparency and accountability. The previous governance framework will still apply for the coming months, for the banks that are yet to phase-in.
To access both the previous and new Euribor Governance Frameworks, click on the links below:
Click here to access the previous Euribor Governance Framework
Adapted Euribor Governance Framework:
ESG CP Transparency Monitor
In line with the mission of facilitating the smooth functioning of Money Markets and fostering their integration, the European Money Markets Institute (“EMMI”) is preparing to launch an initiative to support the transparency in the ESG commercial paper market.
EMMI will collect up to date information from applicants about the main ESG features included in their commercial paper programmes and publish it in a standardised and harmonised way. The published information will be accessible for consultation by all interested parties. The service will be launched in June and more information will be available in the coming weeks.
EMMI does not provide any judgement nor valuation of the information provided by issuers, which is published as it is. Issuers are responsible for providing the information following EMMI’s requirements, and for ensuring the data is accurate.
If you are interested in this initiative, please send an email to ESG-CP@emmi-benchmarks.eu with your questions or comments.
Final Results of EMMI Consultation Paper on Proposed Changes to Euribor® Methodology
The European Money Markets Institute (EMMI) has concluded its public consultation on proposed enhancements to the Euribor® benchmark’s methodology with resounding support from industry participants. The consultation, which aimed to refine the Euribor® hybrid methodology, garnered overwhelmingly positive responses and provided invaluable insights into the future of this critical benchmark.
The proposed enhancements to the Euribor® methodology, designed to ease the burden on contributing institutions and attract more banks to the panel, received widespread acclaim during the consultation process. The Euribor® benchmark plays a vital role in the global financial system, influencing a broad range of financial products and contracts.
Consultation Paper: proposed changes to Euribor methodology
EMMI's commitment to maintaining the integrity and reliability of the Euribor benchmark has led to a comprehensive review of its methodology. The proposed changes are designed to address specific aspects of the benchmark while preserving its core characteristics. The consultation paper outlines EMMI's efforts to further enhance Euribor’s methodology and invites feedback from market participants, interested parties and stakeholders at large.
The key elements under consideration are:
1. Reformulation of Level 2.3
2. Discontinuation of Level 3
Administrator of critical benchmarks
The European Money Markets Institute is an international non-for-profit association working for the public good by facilitating the smooth functioning of euro money markets and fostering their further integration.
The European Money Markets Institute is an Authorised Administrator under the Benchmarks Regulation of the European Union. As such, we develop and administer critical benchmarks. We work continuously to enhance the governance framework of our benchmarks and their transparency, in order to preserve their high quality and integrity.
We act as a trusted partner with a strong sense of ethics.
Read MoreDissemination of our benchmarks’ rates
The euro money market reference rate
Euribor®
Euribor® is the unsecured money market reference rate for the euro. The benchmark was declared a critical benchmark by the European Commission in 2016 because of its systemic importance for financial stability
The euro forward-looking term rate
Efterm®
Efterm® is a forward-looking €STR-based term rate. It is designed as a fallback rate to Euribor®
To protect their integrity and reliability, Euribor® and Efterm® benefit from:
- A solid Governance Framework establishing the requirements and principles related to their provision and setting out effective control arrangements to ensure their integrity and reliability in all market circumstances
- An independent Oversight Committee of market experts. They follow markets developments and exercise an unbiased oversight of all aspects related to the provision of the benchmarks, including their Governance Framework and methodology
As an Authorised Administrator, The European Money Markets Institute is duly supervised by the European Securities and Markets Authority (ESMA). ESMA substituted the Belgian Financial Services and Markets Authority (FSMA) on 1 January 2022.
Click here to read about ESMA’s Benchmark supervisory mandate.
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STEP
To foster harmonised access to markets, The European Money Markets Institute promotes standards, practices, and labels like STEP - standing for Short-Term European Paper. With standardisation and transparency as a backbone, STEP establishes common practices and standards for the documentation of short-term paper programmes in Europe
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About us
"For over 20 years, Euribor has been a reliable euro money market reference. After its successful reform in recent years, Euribor fully complies with the EU Benchmarks Regulation."
"The latest developments of Euribor® and its fallback rate Efterm® have positive effects on the benchmark by improving its robustness and making it even more resistant."
"The hybrid methodology allows Euribor to remain fit for purpose in all market conditions, always complies with the latest regulatory requirements and industry recommendations, for the good of all final users, ranging from financial institutions to corporates, SMEs or consumers."
