Benchmark Reform
New reference interest rates on Capital Markets: Our experts support you comprehensively
Timeline
Review
2019
15/04/19 - 15/11/19
- Gradual introduction of the new EURIBOR calculation method, which primarily uses transaction data "Hybrid Methodology"
- EURIBOR is entered in the ESMA register as a BMR-compliant reference rate
03/10/19
- First publication of the €STR by the ECB
- EONIA is calculated as a "dependent" benchmark, as €STR+8.5bp
- EONIA is entered in the ESMA register as a BMR-compliant reference rate
2020
17/07/20 – 20/07/20
- CCP: PAI/Discounting Switch EONIA to €STR
Q4
- ISDA publishes 2020 definitions with fallback rules for LIBOR and EURIBOR and correspondent protocol
16/10/20 - 19/10/20
- CCP: PAI/Discounting Switch EFFR to SOFR
2021
Q1
- EUR WG publishes consultation on EURIBOR fallbacks
25.01.2021
- ISDA-Definitions (incl. IBOR fallbacks) become effective
March 2021
- Statement of non-representativeness of LIBOR and fixing of ISDA fallback spreads
April 2021
- De-facto end of GBP-LIBOR in new trades / business
December 2021
- CCPs switch cleared LIBOR derivatives to RFR with spread
- Cessation of LIBOR rates in CHF, GBP, JPY and EUR
- Cessation of EONIA
2022
January 2022
- Synthetic" GBP-and JPY-LIBOR and for use in existing business (until further notice)
Outlook
2023
Q2 2023
- CCPs convert USD-LIBOR derivatives
30 June 2023
- End of USD-LIBOR publication
