Euro short-term rate (€STR)
The ECB’s Governing Council has decided to develop a euro short-term rate (€STR) based on data collected by the Eurosystem for money market statistical purposes. The €STR will reflect the wholesale euro unsecured overnight borrowing costs of euro area banks and will complement existing benchmark rates produced by the private sector, serving as a backstop reference rate.
The working group on euro risk-free rates recommends that market participants gradually replace EONIA with the €STR for all products and contracts, making the €STR their standard reference rate.
The International Securities Identification Number (ISIN) assigned to €STR is EU000A2X2A25. The Financial Instrument Short Name (FISN) is ECB/EUR EURO SHORT-TERM RATE IR.