Benchmarks: EMMI adopts governance framework for EONIA

The European Money Markets Institute (EMMI) has adopted a governance framework for the Euro OverNight Index Average (EONIA) benchmark, concluding the first phase of its EONIA review.

The aim of the governance framework is to ensure the integrity and robustness of the EONIA benchmark. The governance framework consists of:

• the governance code of conduct, which sets out the governance arrangements and control framework to be implemented by EMMI as an administrator;
• the code of obligations for panel banks, which sets out the requirements for banks contributing to the EONIA determination; and
• the EONIA benchmark determination methodology, which establishes the methodology for the calculation of EONIA under both regular and contingency circumstances.

The governance framework will enter into force on 1 August 2017. EMMI intends to commence the second phase of the EONIA review in the second half of 2017.