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October 22, 2021

Home / EU Commission announces replacement rates for Swiss Libor, EONIA

EU Commission announces replacement rates for Swiss Libor, EONIA

Tajammul Pangarkar

Last updated on:October 22, 2021 Market.us

October 22, 2021

BRUSSELS (Reuters) – A new Swiss Franc risk-free rate SARON will automatically replace the Swiss Libor rate in contracts and financial instruments from next year, the European Commission said on Friday.

The EU executive said a risk-free euro short-term rate will also automatically replace the Euro Overnight Index Average (EONIA) in contracts and financial instruments from next year.

Both the Swiss Franc London Interbank Offered Rate (CHF LIBOR) and the Euro Overnight Index Average (EONIA), which form the basis for a range of financial contracts such as mortgages, bank overdrafts, and other more complex financial transactions, will cease to be published at the end of this year.

(Reporting by Rachel Armstrong in London and Foo Yun Chee in Brussels; Editing by Catherine Evans)

Source Link EU Commission announces replacement rates for Swiss Libor, EONIA

Tajammul Pangarkar

Tajammul Pangarkar is a tech blogger, and has contributed to numerous tech magazines. Tajammul longstanding experience in the field of mobile technology and industry research is reflected in his insightful news articles as presented on News.market.us. His interest lies in understanding the tech trends, mobile applications and technical consciousness on these increasingly consumer-oriented industries. When he is not ruminating about the tech world, he can be found playing table tennis or hanging out with his friends.

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