Benchmark Reform
New reference interest rates on Capital Markets: Our experts support you comprehensively
Timeline
Review
2019
15/04/19 - 15/11/19
- Gradual introduction of the new EURIBOR calculation method, which primarily uses transaction data "Hybrid Methodology"
- EURIBOR is entered in the ESMA register as a BMR-compliant reference rate
03/10/19
- First publication of the €STR by the ECB
- EONIA is calculated as a "dependent" benchmark, as €STR+8.5bp
- EONIA is entered in the ESMA register as a BMR-compliant reference rate
2020
17/07/20 – 20/07/20
- CCP: PAI/Discounting Switch EONIA to €STR
Q4
- ISDA publishes 2020 definitions with fallback rules for LIBOR and EURIBOR and correspondent protocol
16/10/20 - 19/10/20
- CCP: PAI/Discounting Switch EFFR to SOFR
2021
Q1
- EUR WG publishes consultation on EURIBOR fallbacks
25/01/21
- ISDA-Definitions (incl. IBOR fallbacks) become effective
March 2021
- Statement of non-representativeness of LIBOR and fixing of ISDA fallback spreads
April 2021
- De-facto end of GBP-LIBOR in new trades / business
December 2021
- CCPs switch cleared LIBOR derivates to RFR with Spread
- Cessation of LIBOR-rates for CHF, GBP, JPY und EUR
- EONIA Cessation
2022
January 2022
- Synthetic LIBOR for GBP and JPY for legacy business only, click here for the periods of publication
2023
Q2 2023
- CCPs to switch USD-LIBOR derivates (22.04.2023 and 20.05.2023)
June 2023
- End of USD-LIBOR publication
July 2023
- Synthetic USD-LIBOR for use in legacy business published, for the duration of the publication period please click here
Outlook
2023
31/12/23
- End of the DZ BANK AG IBOR Website
2024
28/06/24
- End of CDOR (Canadian Dollar Offered Rate)
30/09/24
- End of synthetic USD-LIBOR
2025
31/12/25
- End of the transition period for the Third County Benchmarks acc. to Art. 51.5 EU BMR
