Brexit clouds future for Euribor and Eonia in UK

Clashing deadlines threaten to scuttle rates, but ‘in-flight files’ bill might save them

The UK’s attempt to provide a smoothing two-year grace period for European benchmark rates will not help Euribor, or its sibling Eonia, if they are not registered with the European Securities and Markets Authority (Esma) by the rapidly approaching Brexit date – a highly unlikely scenario.

However, legislation pushing through the UK parliament could give the rates more time to get their footing in a post-Brexit market. Alternatively, a renewed push to reform Eonia may allow it, along with an