Euro Interbank Offered Rate (EURIBOR)

QUOTE AND NEWS
Reuters  Dec 7  Comment 
The European Commission has fined Credit Agricole , HSBC and JPMorgan Chase a total of 485 million euros ($520 million) for their alleged participation in a cartel to manipulate the price of the Euribor financial benchmark.
Financial Times  Dec 6  Comment 
HSBC, JPMorgan and Crédit Agricole held out against settlement
Yahoo  Mar 18  Comment 
The UK Serious Fraud Office said on Friday it had obtained arrest warrants to try to bring four Germans and one Frenchman to Britain to face charges of conspiracy to rig Euribor benchmark interest rates. ...
guardian.co.uk  Mar 18  Comment 
SFO obtains European arrest warrants for four Germans and a Frenchman who failed to appear to face rate-rigging charges The Serious Fraud Office (SFO) has obtained arrest warrants in its bid to bring four Germans and one Frenchman to Britain to...
Mondo Visione  Feb 26  Comment 
The International Organization of Securities Commissions today published its report on the Second Review of the Implementation of IOSCO’s Principles for Financial Benchmarks by Administrators of EURIBOR, LIBOR and TIBOR. The report sets out...
New York Times  Jan 13  Comment 
Six of 11 individuals facing criminal proceedings related to the manipulation of the euro interbank offered rate, or Euribor, will go to trial in Britain in September.
BBC News  Jan 11  Comment 
Former Deutsche Bank and Barclays traders appear in court in London accused of rigging a key euro benchmark borrowing rate, Euribor.
Mondo Visione  Dec 21  Comment 
The SFO has issued criminal proceedings against 11 individuals accused of manipulating the Euro Interbank Offered Rate (EURIBOR). The following individuals will make their first appearance at Westminster Magistrates' Court on 11 January 2016,...
New York Times  Dec 21  Comment 
Stephane Esper, a former Société Générale employee, is expected to face criminal charges in an inquiry into the manipulation of the euro interbank offered rate, or Euribor.
New York Times  Nov 13  Comment 
The proceedings are the first in Britain related to the euro interbank offered rate, or Euribor.




 
TOP CONTRIBUTORS

The chart on the left is the 3 month Euribor.

The Euro Interbank Offered Rate, or Euribor, is the average interest rate at which term deposits are offered between prime banks in the EU wholesale money market or interbank market.[1] Just like the LIBOR serves as a short-term reference rate for British Pound and U.S. Dollar denominated instruments, the Euribor is widely used as a reference rate for Euro denominated forward rate agreements, short-term interest rate futures contracts and interest rate swaps. It is quoted for spot value T+2 (for settlement 2 working days after the calculation date) and calculated on an actual/360 day count convention (with an exact day count over a 360-day year).[1]


Calculation of the Euribor

A representative panel of prime banks in the European Union interbank market provide daily quotes of the rates that each panel bank believes one prime bank is quoting to another prime bank for term deposits with maturities ranging from one week to one year. The panel banks are required to directly input their data to Reuters no later than 10.45am (Central European Time) on each day that that the Trans-European Automated Real-Time Gross-Settlement Express Transfer (TARGET) system is open. At 11.00am, Reuters eliminates the highest and lowest 15% of all quotes collected, averages the remaining quotes, rounds the average to 3 decimal places and publishes this average as the Euribor. If more than 50% of the panel banks fail to provide their data by 11:00am, Reuters will delay calculating the Euribor until at least 50% of the panel banks have quoted.[2]

Euribor Panel Banks

Euribor panel banks have the highest volume of business in EU money markets and are either banks located in the European Union or large international banks from non-EU countries but with important EU operations.[3]

  • Germany: Landesbank Berlin, Bayerische Landesbank Girozentrale, Deutsche Bank, Dresdner Bank, Landesbank Hessen - Thüringen Girozentrale, WestLB AG, Commerzbank, DZ Bank Deutsche Genossenschaftsbank, Landesbank Baden-Württemberg Girozentrale, Norddeutsche Landesbank Girozentrale
  • Greece: National Bank of Greece
  • Italy: Banca IntesaBci, Monte dei Paschi di Siena, UCI Milan
  • Luxembourg: Banque et Caisse d'Épargne de l'État

Netherlands: ABN Amro Bank, ING Bank, Rabobank

  • Portugal: Caixa Geral De Depósitos (CGD)
  • Spain: Banco Bilbao Vizcaya Argentaria, Banco Santander Central Hispano, Confederacion Española de Cajas de Ahorros
  • Other EU Banks: Barclays Capital, Svenska Handelsbanken, Den Danske Bank


Euribor on Wikinvest

References

  1. 1.0 1.1 About Euribor, European Banking Federation (EBF)
  2. Euribor Technical Features, European Banking Federation
  3. Euribor Panel Banks, European Banking Federation (EBF)
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