Euro RFR group calls for statutory Eonia fix

Legal designation for €STR as replacement rate would avert “confusion” in €9trn of legacy contracts

RFRWG hopes EC will become €STR flag-waver

The industry group leading euro benchmark transition has called on the European Commission to designate the euro short term rate, or €STR, as a statutory replacement for Eonia. The group is seeking to avert chaos in €9 trillion notional of legacy contracts, which have less than six months to transition before the rate is shut down.

In a letter to Tilman Lueder, the EC’s head of securities markets, James von Moltke, chair of the euro risk free rates working group (RFRWG), warned contract

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