Eonia trading shuts down as CCPs make €STR switch

Dealers and venues step back from Eonia swaps after contracts become unclearable

Time-runs-out-for-Eonia

Trading of overnight index swaps (OIS) linked to Eonia has effectively ceased after central counterparties (CCPs) stopped clearing the instruments last weekend.

Nearly €14 trillion ($16.3 trillion) of cleared Eonia swaps were re-hitched to €STR, the new euro short-term rate, after the markets closed on Friday, October 15.

The co-ordinated switch – which comes more than a year after CCPs began using €STR to discount future cashflows – finally rids the cleared market of the flimsy benchmark and

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