Eonia Swap Index (ESI), a new derivatives market reference rate for the euro, had its first fixing take place on June 20. The ESI was a joint initiative between Euribor (Euro Interbank Offered Rate) FBE and Euribor ACI, with the technological support of Telerate.
The European Banking Federation (FBE) is acting as a catalyst in benchmarking processes, with Eonia being the fourth benchmark sponsored by the FBE after the introduction of Euribor and Eonia in late 1999 as well as Eurepo in March 2002.
Described as the “next logical step”, EIS benefits from an extensive panel of 25 quoting banks, applying a strict code of conduct and supervised by an independent Steering Committee of market experts.
By providing market experience and technical know-how “we continuously aim to broaden the mamarket experience and technical know-how “we continuously aim to broaden the market tools available to our banks and customers,” comments Godfried De Vidts, president of ACI – The Financial Markets Association.