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| 1. EONIA.
| | A contract designed to provide protection against specified types of risk or loss, by paying out to the insured party in the event that the insured loss occurs. |
| This Euro overnight index average is sponsored by the European Banking Federation and the ACI The Financial Markets Association.
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| | | Insurance is generally provided by specialist insurance companies, to whom an insurance premium is paid by the insured in advance. |
| It is calculated by the European Central Bank at 7 pm (CET) as a weighted average of all overnight unsecured lending transactions in the interbank market, initiated within the euro area by the same Panel Banks as used in EURIBOR calculations and carried out before the closing of real-time gross settlement (RTGS) systems at 6.00 pm (CET).
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| It is reported on an act/360 day count convention and (since 2007) is displayed to three decimal places.
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| EONIA is widely used as a reference rate for derivatives transactions within the euro-zone.
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| (Distinguish from EURONIA - defined below.)
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| 2. EURONIA.
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| This Euro overnight index average tracks actual average market euro funding rates each day for settlement that day where repayment is made on the following business day.
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| It is published by the Wholesale Market Brokers Association (WMBA) in London at 5 pm each day. It is the weighted average rate to four decimal places of all unsecured euro overnight cash transactions brokered in London by WMBA member firms between midnight and 4.00pm London time with all counterparties.
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| (Distinguish from EONIA - defined above.)
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| == See also == | | == See also == |
| * [[SONIA]] | | * [[Captive insurance company]] |
| * [[Sterling overnight index average]] | | * [[Chartered Insurance Institute]] |
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| | * [[Fixing instrument]] |
| | | * [[ILS]] |
| | * [[Insurable]] |
| | * [[Insurance risk]] |
| | * [[Insure]] |
| | * [[Option]] |
| | * [[Premium]] |
| | * [[Risk]] |
| | * [[Underwriting]] |
Revision as of 11:28, 19 May 2015
A contract designed to provide protection against specified types of risk or loss, by paying out to the insured party in the event that the insured loss occurs.
Insurance is generally provided by specialist insurance companies, to whom an insurance premium is paid by the insured in advance.
See also
