Critical EU benchmarks to be approved by year-end

Authorisation of Euribor is being expedited and could be granted in the summer

The EU has given benchmark compilers more time to secure authorisation, but the extensions may not be necessary

Eonia and Euribor will be authorised for use by European entities by the end of the year, with the latter on course to gain approval by the summer, the regulator overseeing the benchmarks has said.  

Under the EU Benchmark Regulation, European firms must use reference rates authorised by regulators in new trades after the end of 2021. Neither Eonia or Euribor, the chief benchmarks for euro swaps, are compliant with the BMR in their current forms. But Jean-Paul Servais, chairman of Belgium’s