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2021, vol. 3, br. 2, str. 189-199
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Reforma ključnih kamatnih stopa na tržištu novca i neke implikacije za tržišta kredita
Reform of key interest rates on the money market and some implications for credit markets
Sažetak
Reforma ključnih kamatnih stopa na tržištu novca koja je u toku predstavlja jedan od najvažnijih događaja na finansijskim tržištima u svetu jer će na kraju 2021. najveći broj LIBOR stopa u različitim valutama prestati da postoji. Napuštanje LIBOR-a nakon brojnih skandala posle izbijanja svetske finansijske krize 2008. godine vodi ka postojanju više repernih stopa koje su konstruisane kao bezrizične kamatne stope zasnovane na transakcijama, počev od SOFR u SAD-u, pa do SARON u Švajcarskoj. Intencija regulatora u Evropskoj uniji (EU) je da ESTR u budućnosti zameni i EURIBOR (Euro Interbank Offered Rate) i da postane reperna stopa za EU i EFTA. Poslednje analize pozicije davalaca kredita i korisnika kredita pokazuju da je EURIBOR na zadovoljavajući način reformisan time što su u utvrđivanje njegove visine uključeni podaci o transakcijama kao i ekspertska mišljenja. Prema za sad preovlađujućem mišljenju u bankarskoj industriji može biti nastavljena njegova upotreba. Istina, ne nužno na tržištu derivata, ali svakako na tržištima kredita i hipoteka koja su naročito povezana sa EURIBOR stopama u evrozoni.
Abstract
Ongoing reform of key interest rates on the money market is one of the most significant events on financial markets in the world. This is due to the fact that most of the LIBOR rates in different currencies will be discontinued at the end of 2021. Cessation of LIBOR after a number of scandals following emerging global financial crisis in 2008 lead to existence of more benchmark rates constructed as risk-free rates based on transactions, from SOFR in the U.S.A. to SARON in Switzerland. Intention of EU regulators is to replace EURIBOR with ESTR in the future so that ESTR becomes benchmark for EU and EFTA. The last analysis of lenders and borrowers' positions indicates that EURIBOR is satisfactory reformed based on the fact that in its determination data about transaction and expert judgment are included. According to the current prevailed thinking in the banking industry EURIBOR could be continually used. True, not necessarily on the derivatives market, but certainly on the credit and mortgage markets which are particularly related to EURIBOR in eurozone.
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Reference
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