Central Banking

Esma working group concerned about Euribor transition timeline

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The European Securities and Markets Authority (Esma) working group charged with finding an alternative to European benchmark interest rates says it is concerned about fulfilling its mandate within the tight timeframe.

According to European Central Bank board member Benoît Cœuré, the EU benchmarks regulation – issued in June 2016 – has set a “demanding” timeframe for reform.

Benchmarks classed as “critical” – including the Euro Interbank Offered Rate and Euro Overnight Index Average – need to c

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