Europe’s Eonia dilemma

As Europe finally begins a formal search for a new risk-free rate for swaps, it is unclear whether Eonia will survive, and what will replace it

In mid-September, a buy-side swaps user was explaining his exasperation with the sluggish pace of interest rate benchmark reform in Europe. While working groups in other currencies had selected alternative risk-free rates (RFRs) to Libor for swaps contracts and were planning the transition process, hardly any headway appeared to have been made in the eurozone – the second-largest interest rate swap market in the world.

“They’ve wasted a lot of time and achieved precious little,” said a

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here