Avoid floating rates on non-cleared repo – ICMA

€STR won’t be published until October, but its next-day publication will make settling complicated

euro-benchmark-rates

The European interbank market should stop doing non-cleared repo in floating rates once €STR arrives, an industry group said, advice that could spare the market the complications of settling in what will be a next-day rate and also create consistency across Europe’s repo markets.

The International Capital Market Association’s (ICMA) European Repo and Collateral Council, which represents the regional repo sector, made its comments in a July 2 memorandum on the coming transition to the European

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