Esma: Eonia can be used in CSAs after 2020

Swaps users can avoid repapering before BMR deadline but may face basis risks


Market participants will be able to use Eonia in collateral agreements covering euro swaps struck after the rate is barred for use in new contracts from 2020, a European regulator has confirmed.

For euro interest rate swaps collateralised with cash, collateral agreements currently specify that the interest paid on posted margin should reference Eonia. Some swaps users were concerned that the EU Benchmarks Regulation’s (BMR) bar on the use of Eonia in new contracts from 2020 would catch these so

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