Benchmark Reform

New reference interest rates on Capital Markets: Our experts support you comprehensively

Timeline

Review

2019

15/04/19 - 15/11/19

  • Gradual introduction of the new EURIBOR calculation method, which primarily uses transaction data "Hybrid Methodology"

  • EURIBOR is entered in the ESMA register as a BMR-compliant reference rate
     

03/10/19

  • First publication of the €STR by the ECB

  • EONIA is calculated as a "dependent" benchmark, as €STR+8.5bp

  • EONIA is entered in the ESMA register as a BMR-compliant reference rate

 

2020


 17/07/20 – 20/07/20

  • CCP: PAI/Discounting Switch EONIA to €STR
     

Q4

  • ISDA publishes 2020 definitions with fallback rules for LIBOR and EURIBOR and correspondent protocol
     

16/10/20 - 19/10/20

  • CCP: PAI/Discounting Switch EFFR to SOFR

Outlook