The European Money Markets Institute (EMMI), administrator of the EURIBOR® benchmark, confirms that it has successfully completed the phase-in of all Panel Banks to the EURIBOR® hybrid methodology.
The phase-in, which began in Q2 2019, occurred on a gradual basis in order to minimise operational and technological risks for Panel Banks, EURIBOR® users, and the benchmark itself. The process ran smoothly, without any significant events to be reported. The progressive implementation of the hybrid methodology for EURIBOR® is now complete, and all Panel Banks have moved to the new contribution and reporting guidelines.
“After the authorisation granted by the FSMA for the administration of EURIBOR® under article 34 of the EU Benchmarks Regulation, and EMMI’s inclusion in the ESMA register of benchmark administrators, this new achievement is another key step towards EURIBOR®’s continuity”, says Jean-François Pons, Chairman of EMMI’s Board of Directors.
The EURIBOR® Governance Framework, specifically the EURIBOR® Code of Obligations of Panel Banks (COPB), and the Benchmark Determination Methodology for EURIBOR® (BDM), has now entered fully into application. The aforementioned documentation is available on EMMI’s website.
Source: EMMI