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The ECB is changing the publication time of the euro foreign exchange reference rates ECB reference rates from around The ECB reference rates will continue to be determined using the current methodology, which is based on a point-in-time snapshot at The new publication regime aims to reinforce the distinction between exchange rate fixings used as benchmarks for transaction purposes and the ECB reference rates that are published for information purposes only.

The ECB will monitor foreign exchange market developments closely and expects transaction activity related to the ECB reference rates to decline substantially. If it does not, the ECB will consider further delaying the publication of the reference rates, potentially until the next business day.

The changes to the ECB reference rates take into account the recommendations of the Financial Stability Board on foreign exchange benchmarks, as well as the principles for benchmark-setting processes in the EU drawn up by the European Securities and Markets Authority ESMA and the European Banking Authority EBA and the principles for financial benchmarks drawn up globally by the International Organisation of Securities Commissions IOSCO.

The ECB has been setting and publishing its reference rates for the euro on a daily basis since the currency was launched in January These rates are often used for the annual financial statements of corporations, tax returns, statistical reports and economic analyses.

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More information Financial Stability Board: Final Report, September Final report: ESMA-EBA Principles for Benchmark-Setting Processes in the EU, June International Organisation of Securities Commissions IOSCO: Principles for Financial Benchmarks, July European Central Bank Directorate General Communications Sonnemannstrasse 20, Frankfurt am Main, Germany Tel.: Twitter facebook linkedin googleplus Whatsapp email.

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