On 19 August 2019, the European Central Bank’s (ECB) working group on euro risk-free rates published a report that focuses on the impact that the transition from the current euro overnight index average (EONIA) to the ECB’s euro short-term rate (€STR) will have on cash and derivatives products. In the report, the working group analyses the implications of the transition and provides market participants with recommendations on how to smoothen the transition. It does so primarily from an operational and valuation standpoint.