FAQs

Under which market convention are Euribor® rates quoted ?

1)Which is the market convention under which the Euribor® rates are quoted, i.e. what happens if a specific maturity falls on a non-business day?
If the maturity date of a trade falls on a non-business day, the maturity date shall be moved to the next business day.

2) Are there any exceptions to the above rule?
The exception to this will be the “end-end” quotes or quotes for 1,2,3 ... months where the value date of the trade falls at month-end. If the corresponding maturity date falls on a non-business day, the maturity date will be brought back to the last business day of that month.
A “1 week” quote, or 2 and 3 weeks, will always be for a period of seven days or more (or 14 or 21 resp). If the maturity date falls on a non-business day, the maturity date should be moved to the next business day, regardless of what calendar month it falls in. Anything less than this should not be termed 1,2 or 3 weeks but becomes a “broken-dated short date” quote.

3)What is the current market convention used for quotes at the end of the month, i.e. is the Euribor® 1 month quote for 28 February intended for a M/M depo maturing on 28 March or on 31 March (assuming obviously they are business days)?
In line with 2) above the maturity date for this will be 31 March and not 28 March.

Are the ECB's liquidity-absorbing fine-tuning operations included in the Eonia® reporting?

No, as such operations are not inter-bank market transactions.

What was the date of first quotation of Euribor® ?

The first Euribor® was published on 30 December 1998 for value 4 January 1999. The next Euribor® was published on 31 December 1998 for value 5 January 1999, and so on.

What was the date of first quotation of Eonia® ?

The first Eonia® was published on the evening of 4 January 1999, on the basis of January 4 overnight unsecured lending transactions.

What happens to existing contracts referenced on domestic rates that have disappeared after the introduction of the euro?

In most countries where domestic reference rates have been replaced by Euribor® and Eonia®, national legislation and convention have been adapted to facilitate the changeover, so that Euribor® and Eonia® legally replace domestic reference rates. Please visit the Legacy Transactions page of this Website for further information.

What will happen in case of non-availability of some Euribor® data from Panel Banks ?

Under normal conditions, at least 50% of the Panel Banks must quote to establish Euribor®. In the highly unlikely event that less than 50% of Panel Banks are able to quote, THOMSON REUTERS will establish Euribor® as soon as it can collect quotes from at least 12 panel banks in at least 3 different countries. Please refer to the Euribor® Technical Features for further information.

Who is the legal sponsor of Euribor® and Eonia® ?

The sponsors of Euribor® and Eonia® are Euribor® EBF and Euribor® ACI. Both Euribor® EBF and Euribor® ACI are Belgian "international non-profit associations", established pursuant to the Act of October 25, 1919 concerning the Granting of Legal Personality to International Associations with a Scientific Purpose (as amended).

What is the applicable Business Day Convention ?

All market participants should use the Modified Following Business Day Convention,, where if the maturity date of a Euribor® rate falls on a day that is not a Business Day the maturity date shall be in the first following day that is a Business Day, unless that day falls in the next calendar month, in which case the maturity date will be the first preceding day that is a Business Day.

Who should I contact in case I have other questions on Euribor® or Eonia® ?

Please e-mail your questions to the Euribor EBF Secretariat .

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