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Encyclopedia > Euribor
Euribor-12m value between years 2001 and 2006

Euribor (Euro Interbank Offered Rate) is a daily reference rate based on the averaged interest rates at which banks offer to lend unsecured funds to other banks in the euro wholesale money market (or interbank market). Image File history File links No higher resolution available. ... Image File history File links No higher resolution available. ... A reference rate is any publicly available quoted number or value that is used by the parties to a financial contract. ... An interest rate is the price a borrower pays for the use of money he does not own, and the return a lender receives for deferring his consumption, by lending to the borrower. ... “Banker” redirects here. ... Unsecured loans are loans that are not guaranteed with any asset, so that the risk of repossession does not exist. ... “EUR” redirects here. ... This article is about short-term financing. ... This article or section is in need of attention from an expert on the subject. ...

Contents

Scope

Euribor rates are used as a reference rate for euro-denominated forward rate agreements, short term interest rate futures contracts and interest rate swaps, in very much the same way as LIBOR rates are used for US dollar-denominated instruments. They thus provide the basis for some of the world's most liquid and active interest rate markets. This article needs to be cleaned up to conform to a higher standard of quality. ... In finance, a futures contract is a standardized contract, traded on a futures exchange, to buy or sell a certain underlying instrument at a certain date in the future, at a specified price. ... In the field of derivatives, a popular form of swap is the interest rate swap, in which one party exchanges a stream of interest for another partys stream. ... LIBOR stands for the London Interbank Offered Rate and is a daily reference rate based on the interest rates at which banks offer to lend unsecured funds to other banks in the London wholesale (or interbank) money market. ... The United States dollar is the official currency of the United States. ...


A EUR LIBOR does exist, but mainly for continuity purposes in swap contracts dating back to pre-EMU times. In economics, a monetary union is a situation where several countries have agreed to share a single currency among them. ...


Domestic reference rates, like Paris' PIBOR or Frankfurt's FIBOR merged into Euribor on EMU day on 1 January 1999. City flag City coat of arms Motto: Fluctuat nec mergitur (Latin: Tossed by the waves, she does not sink) The Eiffel Tower in Paris, as seen from the esplanade du Trocadéro. ... For other uses, see Frankfurt (disambiguation). ... In economics, a monetary union is a situation where several countries have agreed to share a single currency among them. ... is the 1st day of the year in the Gregorian calendar. ... Year 1999 (MCMXCIX) was a common year starting on Friday (link will display full 1999 Gregorian calendar). ...


Technical features

Euribor is determined (fixed) by the European Banking Federation (EBF) at about 11:00am each day, Central European Time, and is a filtered average of interbank deposit rates offered by a large panel of designated contributor banks (currently more than 50), for maturities ranging from one week to one year. The European Banking Federation (abbreviated FBE) is an organization of the European banking sector, representing interest of over 4,000 banks from EU Member States, Iceland, Norway and Switzerland. ... Time zones of Europe: Light colours indicate countries that do not observe summer time Central European Time (CET) is one of the names of the time zone that is 1 hour ahead of Coordinated Universal Time. ... Maturity refers to the final payment date of a loan or other financial instrument, after which point no further interest or principal need be paid. ...


Euribor rates are spot rates, i.e. for a start two working days after measurement day. Like US money-market rates, they are Actual/360, i.e. calculated with an exact daycount over a 360-day year. It has been suggested that Interest rate basis be merged into this article or section. ...


The shorter rates, i.e. up to 6 months, are usually extremely reliable and tend to precisely reflect real market conditions at measurement time. The actual rate at which banks will lend to one another will, however, continue to vary throughout the day.


Euribor was first published on 30 December 1998 for value 4 January 1999.


Euribor-based derivatives

Euribor contracts

Euronext.liffe's Euribor futures contracts are based on three-month Euribor rates. They are the world's second most heavily traded short term interest rate futures contracts, behind the Chicago Mercantile Exchange's Eurodollar contracts, which are based on three-month US dollar LIBOR rates. Euronext. ... In finance, a futures contract is a standardized contract, traded on a futures exchange, to buy or sell a certain underlying instrument at a certain date in the future, at a specified price. ... President George W. Bush at the CME (March 6, 2001). ... In finance, the prefix euro as in eurodollars or euroyen refer to currency deposited outside the country of their origin. ...


Interest Rate Swaps

Interest rate swaps based on short Euribor rates currently trade on the interbank market for maturities up to 50 years. A "five year Euribor" rate will be in fact referring to the 5 year swap rate vs 6 month Euribor. "Euribor + x basis points", when talking about a bond, will mean that the bond's cash flows have to be discounted on the swaps' zero-coupon yield curve shifted by x basis points in order to equal the bond's actual market price. This article or section is in need of attention from an expert on the subject. ... The US dollar yield curve as of 9 February 2005. ...


Eonia

The other widely used reference rate in the euro-zone is Eonia, also published by the EBF, which is the daily average of overnight rates for unsecured interbank lending in the euro-zone, i.e. like the federal funds rate in the US. Eonia (Euro OverNight Index Average) is an effective overnight rate computed as a weighted average of all overnight unsecured lending transactions in the interbank market. ... The federal funds rate is the interest rate at which private depository institutions lend balances (federal funds) at the Federal Reserve to other depository institutions overnight. ...


See also

“EUR” redirects here. ... Eonia (Euro OverNight Index Average) is an effective overnight rate computed as a weighted average of all overnight unsecured lending transactions in the interbank market. ... The European Banking Federation (abbreviated FBE) is an organization of the European banking sector, representing interest of over 4,000 banks from EU Member States, Iceland, Norway and Switzerland. ... Historically, in North American banking, the prime rate was the interest rate charged by lenders to borrowers whom they considered most creditworthy, although this is no longer the case. ...

External links

Euribor reference rates are published on the Moneyline Telerate pages 248-249 and 47860-66. Informative historical data can also be found at the Euribor homepage. // == Macromedia Flash == ==]] Using Macromedia Flash 8 (bundled in Studio 8) in Windows XP. Maintainer: Adobe Systems (formerly Macromedia) Latest release: 8 / September 30th, 2005 OS: Windows (no native Windows XP Professional x64 Edition support), Mac OS X, Linux (i386 only, via wine [1]) Use: Multimedia Content Creator License: Proprietary Website...


  Results from FactBites:
 
Euribor Homepage (305 words)
Euribor® (Euro Interbank Offered Rate) is the rate at which euro interbank term deposits within the euro zone are offered by one prime bank to another prime bank.
However, neither Euribor® FBE nor Euribor ACI, nor the FBE, nor the ACI (collectively, the 'Parties') can be held liable in any way for the inaccuracy or incompleteness of any information that is available on or through this Website.
EURIBOR is a trade mark registered in the name of Euribor - Fédération Bancaire Européenne.
Euribor - Wikipedia, the free encyclopedia (488 words)
Euribor (Euro Interbank Offered Rate) is a daily reference rate based on the interest rates at which banks offer to lend unsecured funds to other banks in the euro wholesale (or "interbank") money market.
Euribor rates are used as a reference rate for euro-denominated forward rate agreements, short term interest rate futures contracts and interest rate swaps, in very much the same way as LIBOR rates are used for US dollar-denominated instruments.
Euribor is determined (fixed) by the European Banking Federation (EBF) at about 11:00 each day, Central European Time, and is a filtered average of inter-bank deposit rates offered by a large panel of designated contributor banks (currently more than 50), for maturities ranging from one week to one year.
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