• citations in SCIndeks: 0
  • citations in CrossRef:0
  • citations in Google Scholar:[]
  • visits in previous 30 days:34
  • full-text downloads in 30 days:17


article: 3 from 19  
Back back to result list
2021, vol. 3, iss. 2, pp. 189-199
Reform of key interest rates on the money market and some implications for credit markets
University of Belgrade, Faculty of Economy
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.
Bank of England SONIA key fitures and plicies.
Bank of England (2020) Progress on the Transition of LIBOR Referencing Legacy Bonds to SONIA By Way Of Consent Solicitation. in: The Working Group on Sterling Risk-Free Reference Rates, January 2020,
Đukić, Đ. (2020) Centralna banka i finansijski sistem. Beograd: Ekonomski fakultet, peto izmenjeno i dopunjeno izdanje
European Central Bank (2018) The Euro short-term rate (€STR) methodology and policies. June 2018,
European Money Markets Institute About EONIA.
European Money Markets Institute (2019) Benchmark Detrermination Mathodology fro EURIBOR - EURIBOR Governance Framework. 31 January 2019,
Fernando, J. The LIBOR Scandal.
Schrimpf, A., Sushko, V. (2019) Beyond LIBOR: A primer on the new reference rates. BIS Quarterly Review,
Swiss National Bank Swiss Reference Rates.
Swiss National Bank (2019) Minutes 23rd NWG meeting. 2 December 2019,
The Federal Reserve Bank of New York Secured Overnight Financing Rate Data. https://
The Federal Reserve Bank of New York (2019) A User's Guide to SOFR The Alternative Reference Rates Committee. April 2019,


article language: Serbian
document type: Review Paper
DOI: 10.5937/RKSPP2102189D
received: 11/09/2021
accepted: 28/09/2021
published in SCIndeks: 10/12/2021