Eonia
Eonia (Euro Overnight Index Average) is computed as a weighted average of all overnight unsecured lending transactions in the interbank market, undertaken in the European Union and European Free Trade Association (EFTA) countries by the Panel Banks[clarification needed]. It is reported on an ACT/360 day count convention and is displayed to three decimal places. "Overnight" means from one TARGET day (i.e. day on which the Trans-European Automated Real-time Gross Settlement Express Transfer system is open) to the next. The panel of reporting banks is the same as for Euribor, and a list is provided by the overseers of the publication of the index. There is no clear definition of 'interbank market' leading to the potential of subjective assessment of what is an 'interbank loan', albeit all panel banks are subject to the Eonia Code of Conduct.
Eonia reference rates are calculated by the European Central Bank, based on all overnight interbank assets created before the close of RTGS systems at 6pm CET, and published through GRSS (Global Rate Set Systems) every day before 7pm CET.[1] It can be found under the ISIN identifier EU0009659945.
Going forward, eonia will gradually be replaced by the Euro short-term rate (€STR). The ECB has published €STR from 2nd of October 2019.[2]
See also
- EURONIA
- European Banking Federation
- Federal funds rate
- Interbank lending market
- Mutan rate
- SARON
- SONIA
- List of acronyms: European sovereign-debt crisis
References
- ^ "Overnight Indexed Swaps" (PDF). Credit Swiss. 2001-12-11. p. 4. Archived from the original (PDF) on December 1, 2007. Retrieved 2008-07-16.
- ^ "ECB information about the Euro short-term rate (€STR)".
External links
- Eonia homepage
- Eonia-Swap homepage
- European Central Bank
- Euribor homepage
- Eonia graphs and charts
- Historical chart[permanent dead link]
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