FSB report highlights Eonia worries

Market participants concerned about health of euro overnight rate, which is crucial to swaps contracts

The Eonia benchmark's health is a "source of concern" – Financial Stability Board

A report by the Financial Stability Board has highlighted market worries about the health of the euro overnight unsecured rate – a key benchmark for swaps contracts in the eurozone.

“The robustness of Eonia is becoming a source of concern among some market participants,” says the FSB’s progress report on the reform of major interest rate benchmarks, released today (October 10).

“Eonia relies on the contributions of a panel of banks which voluntarily report their overnight unsecured interbank