EMMI Confirms Publication For Recalibrated EONIA
The European Money Markets Institute (EMMI) has confirmed today that EONIA will be published at or shortly after 9:15 a.m. CET, starting on 2 October 2019. The announcement came after theECB’s decision to publish the euro short-term rate (€STR) at 8:00 a.m. CETon each TARGET business day, as of the start date 2 October 2019.
EMMI’s decision reconfirms what it previously announced on 31 May 2019, following the adoption of the new EONIA methodology. EONIA will be calculated as the €STR plus a spread on every TARGET2 day in which the €STR is published. The reliance on the €STR for EONIA’s determination makes it necessary for EONIA to be calculated and published after the €STR publication.
In addition, the ECB also decided that, if errors are detected that affect €STR by more than 2 basis points, the ECB will revise and re-publish €STR on the same day at 9:00 a.m. CET, and that no changes will be made to €STR after that time.
EMMI has therefore judged that the most suitable option is to maintain the current decision of publishing EONIA at or shortly after 9:15 a.m. CET, in order to prevent market participants from being exposed to an additional EONIA re-fixing, would there be an €STR re-fixing.
More information on EONIA’s new methodology is available on EMMI’s website.
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