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New EU Benchmark Rate Gets Oct. Start Date, Industry Nod

Law360, London (March 14, 2019, 11:05 PM GMT) -- The European Central Bank said Thursday that it will begin publishing the European Union's new unsecured overnight borrowing rate beginning in October and that an industry group had called on Europe’s banks to use the rate to replace other flawed and scandal-hit eurozone benchmarks.

The ECB said it will publish its new wholesale overnight bank borrowing rate — called the Euro Short-Term Rate, or €STR — from Oct. 1 to reflect borrowing costs in the euro area. And the central bank said it is ready to work with banks to help them move away from the existing Euro Overnight Index Average, known as EONIA,...

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