Discover and read the best of Twitter Threads about #eonia
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(THREAD) Big changes are coming for euro area benchmark rates from October. Market participants need to be prepared. That’s the message from Cornelia Holthausen, who is in charge of benchmark rates at the ECB 1/6
Benchmark rates are typically an average of transactions made by market participants. But why do they matter? And why do we need this changeover? 2/6
The ECB has been actively engaged in the reform of benchmark rates, including launching a new benchmark rate. But why is the ECB interested in benchmark rates and what role have we played in the reforms? 3/6
By the end of 2019, the #Eurozone Benchmark interest rates, i.e. the overnight #EONIA rate and the #EURIBOR family (with maturities from 1 week up to 12 months), will either be replaced or their calculation methodology will be radically reformed.
The benchmark rates calculation methodology is not compliant with the #EU Benchmarks Regulation (BMR), applied from Jan. 1st, 2018, which emerged in the aftermath of the #LIBOR & #EURIBOR market manipulation scandals & the #2008_financial_crisis. bis.org/publ/qtrpdf/r_… @BIS_org
On September 14th, 2018, the working group on euro risk-free rates (#WG_EuroRFR), set up by the @ECB, the @FSMA_info , @ESMAComms & the @EU_Commission, proposed the ECB’s #€STR as the replacement of #EONIA
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