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ECB starts transition to new short-term rate

The ECB on Oct. 2 started publishing the euro short-term rate, or €STR, marking its official transition to the new benchmark.

The first publication of the €STR reflects trading conducted Oct. 1.

The ECB first announced the transition in 2018, saying it would replace the euro overnight index average, or Eonia, which no longer meets the criteria under the EU benchmarks regulation.

Eonia is set to be phased out completely by Jan. 3, 2022.