On 31 May 2019, the European Money Markets Institute (EMMI) announced that on 2 October 2019, the change in EONIA’s methodology will take effect. This announcement was published alongside the summary of the stakeholder consultation feedback on the recommendations for EONIA by the Working Group on euro risk-free rates. In view of the feedback received, EMMI is adopting the new methodology recommended by the Working Group. The key changes are:
- from 2 October 2019 onwards, EONIA will be calculated as the €STR plus a spread;
- EONIA will be calculated on every TARGET day in which the €STR is published;
- from 2 October 2019 onwards, EONIA will be published at or shortly after 9:15 a.m. CET on the TARGET day following the TARGET day whose market it intends to represent;
- to avoid the publication of two indices representing the same TARGET day, there will be no EONIA published on 1 October 2019; and
- EMMI will provide EONIA under the recalibrated methodology up until 3 January 2022, the date on which EONIA would be discontinued.