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Euribor, Eonia und €STR: Weichenstellungen der Working Group on Euro Risk-free Rates

Author

Listed:
  • Read, Oliver
  • Beißer, Jochen

Abstract

Infolge der Anwendung der Benchmark-Verordnung steht fest, dass Eonia und Euribor in der aktuellen Form ab 1. Januar 2020 für Neugeschäft nicht mehr verwendet werden können. Die Working Group on Euro Risk-Free Rates hat Weichen gestellt, um die Lücken zu schließen. Als risikoloser Overnight-Referenzinssatz wurde der €STR empfohlen. Die EZB startet mit der Veröffentlichung am 2. Oktober 2019. An der Euribor-Nachfolge wird zweigleisig gearbeitet. Einerseits strebt der Administrator European Money Markets Institute eine Zulassung des reformierten Euribor nach der hybriden Ermittlungsmethode an. Ein Antrag wird bei der belgischen Aufsichtsbehörde FSMA bis Juni 2019 gestellt. Andererseits befasst sich die Working Group mit der Entwicklung einer Zinsstruktur auf der Basis des €STR als Fallback-Lösung für Euribor.

Suggested Citation

  • Read, Oliver & Beißer, Jochen, 2019. "Euribor, Eonia und €STR: Weichenstellungen der Working Group on Euro Risk-free Rates," wifin Working Paper Series 5/2019, RheinMain University of Applied Sciences, Wiesbaden Institute of Finance and Insurance (wifin).
    • Handle: RePEc:zbw:wifinw:52019
    DOI: 10.25716/pur-6
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    More about this item

    Keywords

    Financial benchmarks; Reference rates; ESTER; Eonia; Euribor; Libor; Benchmark Regulation; Working Group on Euro Risk-Free Rates;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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