Effective Sunday, October 30, 2022 for trade date Monday, October 31, 2022, and pending all relevant Commodity Futures Trading Commission (CFTC) regulatory review periods, Chicago Mercantile Exchange Inc (CME) will list the Euro Short-Term Rate (€STR) Futures and Euro Short-Term Rate (€STR) – Three-Month Single Contract Basis Spread Futures contracts (the “Contracts”) for trading on the CME Globex electronic trading platform and for submission for clearing on CME ClearPort.

The euro short-term rate (€STR) reflects the wholesale euro unsecured overnight borrowing costs of banks located in the euro area. The €STR is published on each TARGET2 business day based on transactions conducted and settled on the previous TARGET2 business day (the reporting date “T”) with a maturity date of T+1 which are deemed to have been executed at arm’s length and thus reflect market rates in an unbiased way.

Outright €STR futures similar in design to 3-month SOFR futures will be complemented by €STR-Euribor spread futures for basis trading.