Short Term European Paper

Fostering the integration of the European markets for short-term paper through the convergence of market standards and practices.

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The STEP label

STEP establishes common practices and standards for the documentation of commercial paper programmes and provides market transparency via the publication of statistics by the European Central Bank.

Benefits of STEP

Promotes harmonisation and integration of the short-term paper markets in Europe

Offers a neutral and independent source, unaffected by conflicts of interest

Standardises short-term paper documentation in a transparent manner

Provides free, unbiased access to market information

                   

Allows for timely investment decisions by providing quickly accessible data

Contributes to market depth and liquidity by enhancing transparency

Enables eligibility for Eurosystem credit operations and purchase programs as a non-regulated market for collateral purposes 

 

STEP Labelled Programmes

Check the STEP labelled Programmes.

Statistics

Check the latest readily available statistics on yields and volumes.

Governance

The STEP initiative is jointly run by The European Money Markets Institute and The Financial Markets Association (ACI). The two entities have set up a strong governance : the STEP Market Committee and a STEP Secretariat and have adopted the STEP Market Convention.

Disclaimer:  STEP takes reasonable measures to ensure the quality and accuracy of the information on this Website. However, STEP cannot be held liable in any way for the inaccuracy or incompleteness of any information that is available on or through this Website. In addition, none of the Parties can in any way be held liable or responsible for the content of any Website linked to this Website.