{"id":16817,"date":"2019-08-20T06:30:08","date_gmt":"2019-08-20T05:30:08","guid":{"rendered":"https:\/\/traders-paradise.com\/?p=16817"},"modified":"2019-09-06T13:44:26","modified_gmt":"2019-09-06T12:44:26","slug":"eonia-interest-rate-benchmark","status":"publish","type":"post","link":"https:\/\/traders-paradise.com\/magazine\/2019\/08\/eonia-interest-rate-benchmark\/","title":{"rendered":"Europe&#8217;s banks will end Eonia the current interest rate benchmark"},"content":{"rendered":"<p style=\"text-align: right;\"><em>2 min read<\/em><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-16819 size-full\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/08\/eonia-2-1.jpg\" alt=\"Eonia will not be interest rate benchmark\" width=\"800\" height=\"533\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/08\/eonia-2-1.jpg 800w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/08\/eonia-2-1-300x200.jpg 300w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/08\/eonia-2-1-768x512.jpg 768w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/08\/eonia-2-1-370x247.jpg 370w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/08\/eonia-2-1-760x506.jpg 760w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/08\/eonia-2-1-424x282.jpg 424w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">A body advising ECB has warned the <a href=\"https:\/\/traders-paradise.com\/trading-dictionary\/e\/ecb\/\">European Central Bank<\/a> to be prepared to end Eonia interest rate benchmark. Eonia is currently used to price more than \u20ac24tn of derivatives, loans, and bonds, a body advising the European Central Bank has warned.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To prevent markets to become more confusing and legal conflicting, it is necessary to shift away from the Eonia interest rate benchmark. <\/span><span style=\"font-weight: 400;\">That stated the head of the ECB\u2019s working group supervising the transition for the Financial Times.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/08\/eonia-interest-rate-benchmark\/#Eonia_involved_in_scandals\" >Eonia involved in scandals<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/08\/eonia-interest-rate-benchmark\/#In_the_financial_crisis_peaks_banks_were_punished_billions_of_dollars\" >In the financial crisis peaks, banks were punished billions of dollars.<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Eonia_involved_in_scandals\"><\/span>Eonia involved in scandals<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Current interest rate benchmark Eonia caused plenty of scandals and market manipulations.\u00a0 <\/span><span style=\"font-weight: 400;\">The consequence is ruined confidence in how the current benchmark is calculated.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-16818 size-full\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/08\/eonia-1.jpg\" alt=\"Eonia will not be interest rate benchmark\" width=\"800\" height=\"478\" srcset=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/08\/eonia-1.jpg 800w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/08\/eonia-1-300x179.jpg 300w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/08\/eonia-1-768x459.jpg 768w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/08\/eonia-1-370x221.jpg 370w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/08\/eonia-1-760x454.jpg 760w, https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/2019\/08\/eonia-1-424x253.jpg 424w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Instead of Eonia, the \u20acSTR (ester) benchmark will be placed from the beginning of October.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cI am worried about complacency among market participants, especially as regards the change in the timing of the publication of Eonia, which takes place already on October 2 and creates very significant operational challenges,\u201d said Steven van Rijswijk, the chief risk officer at Dutch bank ING.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In July <a href=\"https:\/\/traders-paradise.com\/magazine\/2019\/07\/christine-lagarde\/\">ECB<\/a> Banking Supervision announced a letter to CEOs of important financial organizations about the global benchmark changes. That is mandated by FSB. The letter seeks insurance that companies&#8217; senior managers and boards recognize the risks connected with the global benchmark changes. Also, it was asking them to take relevant steps to secure a stable change to alternative or reformed benchmark rates. All that before the deadline, previously settled for the end of 2021.<\/span><\/p>\n<p><a href=\"https:\/\/www.bankingsupervision.europa.eu\/press\/letterstobanks\/shared\/pdf\/2019\/ssm.benchmark_rate_reforms_201907.en.pdf\"><span style=\"font-weight: 400;\">The ECB letter<\/span><\/a><span style=\"font-weight: 400;\"> also pointed out that some modifications in the methodology for relevant benchmark rates will be added in October 2019.\u00a0<\/span><\/p>\n<h4><span class=\"ez-toc-section\" id=\"In_the_financial_crisis_peaks_banks_were_punished_billions_of_dollars\"><\/span><span style=\"font-weight: 400;\">In the financial crisis peaks, banks were punished billions of dollars. <\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">Some bankers were sentenced for manipulating interest rate benchmarks like Libor, Euribor and Eonia. The majority of the benchmarks are replaced or completely restored.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Europe has already hesitated the Eonia replacement for several years. That&#8217;s why slowdowns in other countries like the US and UK in securing the shift. <\/span><span style=\"font-weight: 400;\">Along with switching to the new \u20acSTR standard, market participants would have to adapt to a timing change. The new transition rate will be published by the ECB at 9:15 am UK time not the prior evening as it was since now.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For the next two years, both \u20acSTR and the transition Eonia rate will be published alongside. Eonia will be totally removed at the start of 2022. The transition rate will be priced at an 8.5 basis point discount to Eonia.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The transition could influence the financial organizations for the value of derivatives and other products. The working group had written to the International Accounting Standards Board, which is supposed to decide on the case in the upcoming months.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cMillions of contracts need to be changed,\u201d said Mr van Rijswijk. \u201cThat will cost quite a bit of money.\u201d He calculated that institutions need to adjust their IT systems and correct data, procedures, and structures.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>2 min read A body advising ECB has warned the European Central Bank to be prepared to end Eonia interest rate benchmark. Eonia is currently used to price more than \u20ac24tn of derivatives, loans, and bonds, a body advising the European Central Bank has warned. To prevent markets to become more confusing and legal conflicting, [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":16820,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1004,1005],"tags":[1176,1177,1178],"class_list":["post-16817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-financial-news","category-market-today","tag-eonia","tag-ester","tag-europe"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Eonia will not be interest rate benchmark - Traders-Paradise<\/title>\n<meta name=\"description\" content=\"Eonia is currently used to price more than \u20ac24tn of derivatives, loans, and bonds, a body advising the European Central Bank has warned.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/traders-paradise.com\/magazine\/2019\/08\/eonia-interest-rate-benchmark\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eonia will not be interest rate benchmark - 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