A lack of volume in the EONIA - linked cleared derivatives market could hamper the transition to RFRs based on actual transactions , as required by regulators , according to Chris Barnes at Clarus Financial exchange . A quote - based system is the most likely alternative , he said , but added this could replicate regulatory problems with EURIBOR . Last 2017 , the ECB working group on euro - RFRs launched a consultation on the transition from EONIA to ESTER , which ends on 202 February . It proposes three methodologies based on OTC derivatives and another that uses futures data .
A lack of volume in the EONIA-linked cleared swaps market could hamper the transition to RFRs based on actual transactions, as required by regulators, according to Chris Barnes at Clarus Financial Technology. A quote-based system is the most likely solution, Barnes said, but added this could replicate existing problems with EURIBOR. Last month, the ECB working group on euro-RFRs launched a consultation on the transition from EONIA to ESTER, which ends on 1 February. It proposes three methodologies based on OTC derivatives and another that uses futures data.