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The Euro Short Term Rate may be running into the first real problem of its short life. The benchmark was designed to provide a reflection of wholesale euro overnight borrowing costs based on real transaction data. But what if there aren’t enough transactions? -
A sudden dip in the volume of €STR transactions and the number of banks submitting data has led to market participants voicing concerns about the rate.
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NatWest Markets has restructured its divisions and given them new leadership. It is also moving some UK corporate-focused bankers over to the ring-fenced bank.
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A technical issue around data submission meant that the euro area short term rate (€STR) did not have enough data to be calculated in the usual way on Tuesday morning, forcing the ECB to use its contingency method.
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Many saw the US Federal Reserve’s decision to lend hundreds of billions of dollars to certain central banks at the height of the coronavirus crisis as pivotal in preventing further calamity in global markets. Brad Setser, senior fellow for international economics at the Council of Foreign Relations, gives a great deal of credit to the Fed for its forceful intervention. But if markets begin to see the US central bank as a global lender of last resort, there may be a greater risk of imprudent behaviour and more political tumult in the US.
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A temporary forum created by the European Central Bank to discuss the proposed European Distribution of Debt Instruments (EDDI) project will hold its first meeting in September.
