ECB develops new overnight benchmark rate
The new rate will complement the existing overnight benchmark, Eonia
The European Central Bank (ECB) will develop and administer a new overnight interest rate benchmark, the central bank said today (September 21). The rate will complement existing benchmarks produced by the private sector, and is set to be ready before 2020.
“This interest rate will be based entirely on transactions in euro that are reported by banks in accordance with the ECB’s money market statistical reporting (MMSR),” the ECB says on its website.
The MMSR was approved in 2014 and requires
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