The European Central Bank’s working group on euro risk-free rates was established to identify and recommend risk-free rates that could serve as a basis for an alternative to current benchmarks used in a variety of financial instruments and contracts in the euro area, such as the euro overnight index average (EONIA) and the euro interbank offered rate (EURIBOR). This is a private sector working group; the ECB provides the secretariat and attends as an observer only.
The group recommended on Thursday 13 September 2018 that the euro short-term rate (€STR) be used as the risk-free rate for the euro area and is now focused on supporting the market with transitioning.
On Wednesday 25 September 2019, the group will be holding a second roundtable in Frankfurt that will focus on providing information to market participants on how to transition from EONIA to the €STR. It will include panel sessions and speeches by various speakers, such as ECB Executive Board member Benoît Cœuré.
Places are limited to one representative per institution, and will be allocated on a first come, first served basis.
Deadline for applications is 18:00 CET on Thursday, 5 September 2019.
For more information on the work of the group, the roundtable programme, and how to secure your place, please click here (ECB website page).
As this transition may have potential operational and legal implications for securities lending flows and agreements, ISLA would be interested in hearing from any of its members on this topic. Please direct your comments and enquiries to Adrian Dale (firstname.lastname@example.org) and Tina Baker (email@example.com).