The private sector working group on euro risk-free rates has today published a report containing a set of recommendations addressing the impact of the transition from the euro overnight index average (EONIA) to the euro short-term rate (€STR).
In both the securities financing market and the OTC derivatives market, credit terms offered to almost all counterparties eased between March and May 2019. An improvement in liquidity conditions and market functioning, stronger competitive pressures from other institutions and increased balance sheet availability were the main drivers of this development. Looking ahead, a small net percentage of respondents expect price terms to continue easing for most counterparty types over the following three months.
Introductory statement by Mr Mario Draghi, President of the European Central Bank, and Mr Luis de Guindos, Vice-President of the European Central Bank, Frankfurt am Main, 25 July 2019.
Working Paper SeriesNo 99 / August 2019
The European Securities and Markets Authority (ESMA), the EU’s securities markets’ regulator, has today published several additional resources to assist market participants in the implementation of ESMA’s draft technical standards on disclosure requirements for the Securitisation Regulation (SR).
NBFI MonitorNo 4 / July 2019
The European Securities and Markets Authority (ESMA) has today updated its Questions and Answers (Q&As) regarding the implementation of the Central Securities Depository Regulation (CSDR).
On 6 June 2019 the Governing Council approved key parameters of the third series of targeted longer-term refinancing operations (TLTRO III). These operations, announced on 7 March 2019 and to start in September 2019 and end in March 2021, with a maturity of two years each, will apply an interest rate for each operation set at 10 basis points above the average rate applied to the Eurosystem’s main refinancing operations (MROs) over the life of the respective TLTRO. The rate applied to TLTRO III operations will be lower for counterparties whose eligible net lending between the end of March 2019 and the end of March 2021 exceeds their benchmark net lending. More detailed information on these technical parameters can be found in a related press release available on the ECB’s website.
The European Securities and Markets Authority (ESMA) has published today three opinions on position limits regarding commodity derivatives under the Markets in Financial Instruments Directive and Regulation (MiFID II/MIFIR).
(Text with EEA relevance)