Banks choose Ester ahead of tight contract switch

European banks helping the transition to alternative euro risk-free rates on Thursday chose the European Central Bank's euro short-term rate (Ester) as the preferred alternative to the euro overnight index average (Eonia).

  • By Costas Mourselas
  • 13 Sep 2018

Ester will mark overnight unsecured fixed rate deposit transactions between financial counterparties. 

The news comes as market participants have expressed concerns over the planned publication date of Ester, pegged by the ECB for October 2019. The new European Benchmark Regulation will mean that Eonia won’t be compliant on January ...

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