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ARTICLE · 21 FEBRUARY 2018

EU Authorities Appoint Industry Working Group On Euro Risk-Free Rates

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On February 7, 2018, following the November 2017 call for expressions of interest, the European Commission, the European Central Bank, ESMA and the Belgian Financial Services and Markets Authority ...

European UnionFinance and Banking
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On February 7, 2018, following the November 2017 call for expressions of interest, the European Commission, the European Central Bank, ESMA and the Belgian Financial Services and Markets Authority announced the composition of a new working group on euro risk-free rates (that is, excluding bank credit risk). The working group will consist of 21 banks, which will be the voting members, and five non-voting industry associations (the European Money Markets Institute, the European Fund and Asset Management Association, the International Capital Market Association, the International Swaps and Derivative Association and the Loan Market Association). The European Investment Bank has also been invited to join the working group. The Commission, ECB, ESMA and FSMA will participate as observers. The working group is charged with identifying and recommending alternatives to the benchmark rates currently used in the EU – the EURIBOR and EONIA. The choice of alternative reference

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