EU lawmakers open to delaying ban on critical benchmarks
MEPs propose two-year reprieve for Eonia and Euribor if contractual continuity is at risk
The European Parliament is open to delaying a ban on the market using Eonia and Euribor from the end of 2019 if their early discontinuation “affects the continuity of contracts” that reference them.
Under the EU Benchmark Regulation a transition period is currently in place until 2020, at which point EU entities are only able to use rates authorised by regulators in new trades. Eonia won’t make the grade in its current form, while it’s not yet clear whether reforms to Euribor will be successful
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