The European Money Markets Institute

The European Money Markets Institute (EMMI), formerly known as Euribor-EBF, is an international non-for-profit association under Belgian law founded in 1999 with the launch of the Euro and based in Brussels (56, Avenue des Arts, 1000 Brussels). Its Members are national banking associations in the Member States of the European Union. EMMI provides the following two indexes: Euribor®, the money market reference rate for the euro; and EFTERM®, a forward looking €STR-based term benchmark, developed with the aim to serve as a fallback rate to Euribor®. As a critical benchmark, Euribor is of systemic importance for financial stability. The notional volume of outstanding financial contracts indexed to Euribor is estimated to be greater than €180 trillion. Euribor is used notably as an index for Over-The-Counter (OTC) contracts and exchange trade derivatives, corporate loans, retail mortgages, floating rate bonds and securitized products. In particular, approximately 28% of the retail mortgages in the Euro Area ($1.4 trillion) are indexed to Euribor. EMMI is continuously working to reinforce the transparency and enhance the governance framework to preserve the quality and integrity of its benchmarks. Moreover, EMMI strives to develop new suitable benchmarks adapted to the current regulatory context. In addition, to its activities of benchmarks’ administration, it also plays a key role in the management of the STEP label, an initiative aimed to foster the integration of the European markets for short-term paper through the convergence of market standards and practices.