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Policies & Procedures

EMMI Policies

WHAT's NEW

December 2019: EMMI publishes EONIA Benchmark Statement
November 2019: EMMI granted authorisation by Belgian FSMA for provision and administration of EONIA under EU BMR
November 2019: EMMI confirms the successful completion of the phase-in of all EURIBOR® Panel Banks to the hybrid methodology
October 2019: EMMI publishes EONIA® under the reformed determination methodology and has applied for authorisation

On 14 December 2000, the Governing Council of the European Central Bank (ECB) has decided that, from 2002 until further notice, the Trans-European Automated Real-time Gross settlement Express Transfer (TARGET) system will be closed, in addition to Saturdays and Sundays, on the following days:

New Year's Day
Good Friday (Catholic/Protestant)
Easter Monday (Catholic/Protestant)
1 May (Labour Day)
Christmas Day
26 December

For further information, please visit the Website of the ECB.

Charts

EMMI

EMMI is the Administrator of two critical benchmarks:

	EURIBOR^® is the money market reference rate for the euro, for which EMMI has been granted an authorisation under Article 34 of the Benchmarks Regulation of the European Union;
	EONIA^® is the interbank overnight lending reference rate for the euro, for which EMMI has been granted Authorisation under Article 34 of the Benchmarks Regulation of the European Union.

The benchmarks benefit from:

A solid Governance Code of Conduct (EURIBOR^®– EONIA^®) which sets out the governance, control and accountability frameworks established by EMMI.

An independent Steering Committee (EURIBOR^® – EONIA^®) of market experts which oversees the application of the Governance Code of Conduct and monitors market developments.

A dedicated Secretariat.

In addition, EURIBOR^® benefits from a panel of contributing banks.

The European Money Markets Institute (hereafter EMMI) advises users of EURIBOR^® and EONIA^® to regularly assess that the EMMI benchmark(s) they use is/are appropriate, suitable and relevant for the targeted market(s). EMMI also advises them to put in place their own contingency provisions in the event any of EMMI’s benchmarks are not available or in case of (temporary) benchmark discontinuation.
To adapt EURIBOR^® and EONIA^® to changes in the underpinning markets, and to align them with regulatory and market recommendations, EMMI steadily assesses and recalibrates, if and when necessary, their respective calculation methodology.