€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.

It is recommended that market participants gradually replace EONIA with the €STR for all products and contracts, making the €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.

See also

• Benchmark
• EONIA
• Euro area
• European Central Bank
• O/N
• Pre-ESTER
• Reference rate
• RFR
• Risk-free rates
• SONIA

Other links

European Central Bank Euro short term rate