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Code of Conduct
Introduction
The Eonia® Code of Conduct was drawn up by the European Banking Federation (EBF),
the Financial Markets Association (ACI), the European Savings Banks Group and
the European Association of Cooperative Banks. It was approved by the European
banking industry on 15 December 1997.
The Code of Conduct stipulates the rules that apply to Eonia®
and to the Panel Banks. It ensures transparent and efficient management of the
panel of banks.
A Steering Committee , composed of
nine recognized market practitioners and the Secretary General of the EBF, oversees
the compliance with the Code of Conduct and monitors market developments.
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Code of Conduct
Article 1 NUMBER OF PANEL BANKS
The panel of reporting banks will be the same as for Euribor®
("Euro Interbank Offered Rate").
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Article 2 OBLIGATIONS OF PANEL BANKS
1. Panel banks must report via the screen service provider retained for Euribor®
to the future European System of Central banks:
 the aggregate volume of all
overnight unsecured lending transactions undertaken during the business day (i.e.
before the closing of RTGS systems) in the interbank market without exceptions,
i.e. all transactions in the interbank market shall be reported irrespective of
the credit quality or location of the counterpart;
the weighted average lending
rate applied.
2. Panel banks must report on a daily basis (except on Saturdays, Sundays and
Target holidays) and no later than 6.30 p.m. Frankfurt time. The amount of lending
transactions shall be reported by panel banks as the rounded amount to the nearest
1 000 000 euro, and the individual average interest rates shall be reported with
three (3) decimals.
3. Panel banks must make the necessary organisational arrangements to ensure that
the reporting referred to in Article 2 (1) is possible on a permanent basis without
interruption due to human or technical failure.
4. Panel banks must take all other measures which may be reasonably required by
the Steering Committee, as referred to in the Code of Conduct for Euribor®,
or the screen service provider in the future to establish Eonia®.
5. Panel banks must subject themselves unconditionally to this Code and its Annexes,
in their present or future form.
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Article 3 Euribor® - CODE OF CONDUCT
All the Articles, except Article 6 "Obligations of panel banks", of
the Euribor® Code of Conduct, a copy of which is
enclosed, shall apply mutatis mutandis to the Eonia® panel banks.
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