€STR

Interest rates - reference rates.

€STR is an acronym for Euro Short Term Rate.

It is administered by the European Central Bank (ECB), with formal publication scheduled from October 2019.

€STR is designed to reflect the wholesale euro unsecured overnight borrowing costs of euro area banks, and to complement existing benchmark rates produced by the private sector, serving as a backstop reference rate.

The ECB has recommended that market participants replace EONIA with the €STR for all products and contracts, making €STR their standard reference rate.

To assist transition, it is currently published as 'pre-€STR' in the period up to October 2019.

€STR is also sometimes written as 'ESTER', and similarly Pre-€STR is sometimes written as 'Pre-ESTER'.

See also

• Benchmark
• EONIA
• EURIBOR
• Euro area
• Euro LIBOR
• European Central Bank
• Fallback
• O/N
• Pre-€STR
• Reference rate
• RFR
• Risk-free rates
• SONIA

Other links

European Central Bank Euro short term rate