The IBOR reform is the biggest change in the capital markets since the introduction of the Euro at the start of the 21st century. For the past decade, the global regulatory community has driven a reform of the interbank offered rates (IBORs) in order to renew confidence in these critical benchmarks.
In the Eurozone, the Euro Interbank Offered Rate (EURIBOR) and the Euro Overnight Index Average (EONIA) are considered critical benchmarks. In September 2018, the ECB's Euro Risk-Free Rate Working Group recommended that the Euro Short Term Rate (€STR) as the replacement rate for EONIA, while also providing the basis for developing fallbacks for contracts referencing EURIBOR. With the new hybridized EURIBOR now compliant to the EU’s Benchmarks Regulation, the Eurozone is focused on the overnight rate transition from EONIA to €STR.
With the planned discontinuation of EONIA on January 3, 2022, preparation for the transition to the €STR is well underway, including the launch of €STR swaps in November 2019 and the July 2020 euro discounting switch. Upcoming milestones include the conversion of legacy transactions referencing EONIA in mid-October 2021, and the transition of CHF, GBP and JPY LIBOR references to their respective risk-free rates in December 2021.
"Eurex is committed to help the market to transition to new risk-free reference rates."
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