Under the revised Terms of Reference for the Working Group on Euro Risk-Free Rates published in February 2022, the updated mandate includes “Fostering the use of €STR in a diverse range of financial products” as well as “Identifying potential impediments to the timely adoption of EURIBOR fallback provisions by EU supervised entities and putting forward recommendations and best practices to assist in overcoming such impediments”. This document details a recommendation relating to the availability of derivative products referencing €STR, particularly those that will be utilised for the purpose of calculating and publishing a forward-looking term €STR rate in order to support the adoption of EURIBOR fallback.
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