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The Euro Interbank Offered Rate (Euribor) is a daily reference rate, published by the European Money Markets Institute, [1] based on the averaged interest rates at which Eurozone banks borrow unsecured funds from counterparties in the euro wholesale money market (or interbank market).
A short-term interest rate (STIR) future is a futures contract that derives its value from the interest rate at maturation. Common short-term interest rate futures are Eurodollar, Euribor, Euroyen, Short Sterling and Euroswiss, which are calculated on LIBOR at settlement, with the exception of Euribor which is based on Euribor and Euroyen which is based on TIBOR.
The interest rate charged depends on the availability of money in the market, on prevailing rates and on the specific terms of the contract, such as term length. There is a wide range of published interbank rates, including the federal funds rate (US), the LIBOR (UK) and the Euribor (Eurozone).
Euribor is one the main euro-denominated measures of money market lending rates and used as a reference for pricing home loans, credit cards and other products. Banks in Europe and the United ...
A forward rate agreement's (FRA's) effective description is a cash for difference derivative contract, between two parties, benchmarked against an interest rate index. That index is commonly an interbank offered rate (-IBOR) of specific tenor in different currencies, for example LIBOR in USD, GBP, EURIBOR in EUR or STIBOR in SEK.
The usual reference rate for euro-denominated interest rate products is the Euribor, compiled by the European Banking Federation from a larger bank panel. A euro Libor did exist, but mainly for continuity purposes in swap contracts dating back to pre-EMU times. The Libor was an estimate, not intended for the binding contracts of a company.
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