Law360, London (November 13, 2019, 2:33 PM GMT) -- The European Central Bank has told lenders to ensure they have contingency plans in place to safeguard financial contracts underpinned by a new interest rate benchmark, to protect them if this is disrupted or dropped.
An ECB working group told European Union banks to put in place fallback clauses and other measures to protect cash products and derivatives transactions that reference the euro short-term rate, known as €STR. The new benchmark was first published by the central bank on Oct. 2 with the aim of replacing the euro overnight average index, or EONIA, by January 2022.
The guidance, published by the working...
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