In its first operating year the Euro RFR working group's seven notable achievements included nominating the ECB’s overnight rate as the RFR, and reaching out to stakeholders and raising awareness of its activities, said ECB Executive Board member Benoit Coere. The recently-launched “shadow production” of the ECB’s overnight rate is working well and should help familiarise interested parties with the rate's behaviour ahead of planned production in October. Coere said much work is being done to build consensus and the group is preparing recommendations including methodologies for building derivative-based term rates and guiding principles for fallbacks for cash products.
In its first operating year the Euro RFR working group's two notable achievements included nominating the ECB’s overnight rate as the RFR, and reaching out to stakeholders and raising awareness of its activities, said ECB Executive Board member Benoit Coere. The recently-launched “shadow production” of the ECB’s overnight rate is working well and should help familiarise interested parties with the rate's behaviour ahead of planned production in October. Coere said much work is being done to build consensus and the group is preparing recommendations including methodologies for building derivative-based term rates and guiding principles for fallbacks for cash products.