EU-UK Trade and Cooperation Agreement and EURIBOR: Difference between pages

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(Create page. Source: Europa webpage https://ec.europa.eu/info/relations-united-kingdom/eu-uk-trade-and-cooperation-agreement_en)
 
imported>Doug Williamson
(Add heading.)
 
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''Free trade - European Union (EU) - UK - Brexit.''
''Reference rates.''


The EU-UK Trade and Cooperation Agreement concluded between the EU and the UK sets out preferential arrangements in areas including as trade in goods and in services, digital trade, intellectual property, public procurement, aviation and road transport, energy, fisheries, social security coordination, law enforcement and judicial cooperation in criminal matters, and participation in EU programmes.  
(Euro Interbank Offered Rate).


The Trade and Cooperation Agreement was signed on 30 December 2020, was applied provisionally as of 1 January 2021 and entered into force on 1 May 2021.
Sponsored by the European Money Markets Institute ([https://www.emmi-benchmarks.eu/ EMMI]), EURIBOR® is a formal benchmark or reference interest rate launched in 1998.


It estimates the all-in, simple interest rate (including credit premium and liquidity premium) at which euro denominated interbank term deposits for spot value (T+2) are offered within the euro-zone by one prime bank to another prime bank in the period before 10.45 [[CET]] each business morning.
EURIBOR is calculated for periods ranging from one day to one year. It is quoted to three decimal places and on an actual/360 day-count.


== See also ==
 
* [[Brexit]]
Also written 'Euribor'.
* [[Brexit Day]]
 
* [[Brexit transition period]]
 
* [[Brexodus]]
EMMI continuously reviews the basis of EURIBOR, striving to improve it.
* [[Cliff edge]]
 
* [[Department for Exiting the European Union]]
 
* [[Department for International Trade]]
==Contributing rate estimates==
* [[Equivalence]]
 
* [[European Commission]]
Since 2013, a panel of banks contribute to the Euribor. The panel is made up of:
* [[European Economic Area]]
 
* [[European Free Trade Association]]
* Banks from EU countries participating in the euro from the outset.
* [[European Union]]
* Banks from EU countries not participating in the euro from the outset.
* [[European Union (Withdrawal Agreement) Act 2020]]
* Large international banks from non-EU countries but with important euro zone operations.
* [[Free trade agreement]]
 
* [[Frexit]]
The banks submit their estimate, to two decimal places, of the rate "at which euro interbank term deposits are being offered within the Eurozone by one prime bank to another at 11 am Brussels time" ("the best price between the best banks").
* [[Grexit]]
 
* [[Hard Brexit]]
This is similar to the question for [[LIBOR]] contributing banks prior to reform of LIBOR in 1998 to improve accountability of contributing banks for the submitted rate.
* [[Intellectual property]]
 
* [[Make UK]]
EMMI publishes a [http://www.euribor-ebf.eu/assets/files/Euribor_code_conduct.pdf code of conduct] for contributing banks.
* [[No Brexit]]
 
* [[No Deal]]
 
* [[Parliamentary supremacy]]
==Euribor calculation==
* [[Ratification]]
 
* [[Schengen Area]]
In calculating the Euribor from the submitted rates, the highest and lowest 15% of submitted rates are ignored and the central 70% remaining is averaged and published to 3 decimal places.
* [[Sovereignty]]
 
* [[United Kingdom]]
Thomson Reuters is the screen service provider responsible for computing and also publishing Euribor.
 
The Euribor process is overseen by a [http://www.euribor-ebf.eu/euribor-org/steering-committee.html Steering Committee].




=== Other links ===
== See also ==
[https://www.treasurers.org/hub/technical/brexit Brexit - ACT Resources]
* [[Benchmark]]
* [[Benchmarks Regulation]]
* [[Bloomberg]]
* [[EONIA]]
* [[Euro LIBOR]]
* [[European Money Markets Institute]]
* [[InterBank Offered Rate]]
* [[LIBOR]]
* [[Reference rate]]
* [[Reuters]]
* [[TIBOR]]


[[Category:Accounting,_tax_and_regulation]]
[[Category:The_business_context]]
[[Category:Corporate_finance]]
[[Category:Intercompany_funding]]
[[Category:Investment]]
[[Category:Long_term_funding]]
[[Category:Compliance_and_audit]]
[[Category:Ethics]]
[[Category:Identify_and_assess_risks]]
[[Category:Manage_risks]]
[[Category:Manage_risks]]
[[Category:Risk_frameworks]]
[[Category:Risk_reporting]]
[[Category:Financial_products_and_markets]]
[[Category:Trade_finance]]

Revision as of 12:30, 17 August 2019

Reference rates.

(Euro Interbank Offered Rate).

Sponsored by the European Money Markets Institute (EMMI), EURIBOR® is a formal benchmark or reference interest rate launched in 1998.

It estimates the all-in, simple interest rate (including credit premium and liquidity premium) at which euro denominated interbank term deposits for spot value (T+2) are offered within the euro-zone by one prime bank to another prime bank in the period before 10.45 CET each business morning.

EURIBOR is calculated for periods ranging from one day to one year. It is quoted to three decimal places and on an actual/360 day-count.


Also written 'Euribor'.


EMMI continuously reviews the basis of EURIBOR, striving to improve it.


Contributing rate estimates

Since 2013, a panel of banks contribute to the Euribor. The panel is made up of:

  • Banks from EU countries participating in the euro from the outset.
  • Banks from EU countries not participating in the euro from the outset.
  • Large international banks from non-EU countries but with important euro zone operations.

The banks submit their estimate, to two decimal places, of the rate "at which euro interbank term deposits are being offered within the Eurozone by one prime bank to another at 11 am Brussels time" ("the best price between the best banks").

This is similar to the question for LIBOR contributing banks prior to reform of LIBOR in 1998 to improve accountability of contributing banks for the submitted rate.

EMMI publishes a code of conduct for contributing banks.


Euribor calculation

In calculating the Euribor from the submitted rates, the highest and lowest 15% of submitted rates are ignored and the central 70% remaining is averaged and published to 3 decimal places.

Thomson Reuters is the screen service provider responsible for computing and also publishing Euribor.

The Euribor process is overseen by a Steering Committee.


See also