Cross-currency’s €STR switch may hasten Euribor demise

Rising cost of issuer cross-currency hedges could spur greater adoption of euro risk-free rate

In European interest rate benchmark transition, the unstoppable force is meeting the immovable object.

The euro swaps market remains steadfastly bound to Euribor, and regulators are showing no signs of prodding the market away from the legacy benchmark.

Yet one set of products – cross-currency swaps – has defied this inertia, with the euro short-term rate, or €STR, gaining momentum as the market standard for the euro leg on interdealer trades.

Some believe this shift could be critical in

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