About

STEP promotes the integration of European short-term paper markets by aligning market standards and practices. This integration improves market depth, liquidity, and diversification opportunities for issuers and investors.

Since its 2006 launch, with support from the European Central Bank, STEP has standardised the documentation of short-term paper programmes in Europe. It also provides neutral, independent information, offering investors free access to up-to-date details on issuers and their programmes via the STEP website. This includes public access to key documents like Information Memoranda, annual reports, and credit ratings.

Download our STEP brochure for more information

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Governance

The ACI Financial Markets Association (ACI FMA) and The European Money Markets Institute (EMMI) are the main promoters of the STEP initiative and have adopted the STEP Market Convention which lays down the criteria and requirements that an issuance programme needs to fulfil in order to be STEP-compliant. Issuers are responsible for the accuracy of the information provided. A STEP label does not relate to the creditworthiness of issuers.  

Both entities have set up a strong governance: the STEP Secretariat and the STEP Market Committee.

The STEP Secretariat is responsible for granting, withholding or withdrawing the STEP label in accordance with the criteria and requirements laid down in the STEP Market Convention.

The STEP Market Committee monitors market developments, establishes and reviews the standards on which the STEP label is based. The roles and responsibilities of the STEP Market Committee are governed by the Terms of Reference of the STEP Market Committee.

 

Composition of the STEP Market Committee:

EMMI

Jean-Louis SCHIRMANN

EMMI (Chairman)

Marnix BRUNING

ING Bank NV

Rodrigo CALVIN GARCIA

Banco Santander

Dennis GEPP

Federated Hermes LPP

Giorgio CAVARERO

Mediobanca SPA

Harald ENDRES

Bayerische Landesbank

ACI FMA

Philippe BILLOT

Pictet Gestion

Jean-Luc SINNIGER

Independant Consultant

Franck HEBEISEN

ACI-FMA

Patrick SIMÉON

Amundi Investment

Gianfranco MARIN

Intesa Sanpaolo

Marcello GRAZIUSO

European Investment Bank

 

Download the STEP Market Convention for more information

Securities Settlement System (SSS)

An eligible data provider shall be an SSS, a national central bank or any other entity which complies with the eligibility criteria and with the ECB reporting instructions. In order to be STEP-compliant, Securities Settlement Systems (SSSs) shall be established in an EU Member State.

The list of STEP-compliant Securities Settlement Systems (SSSs) is updated regularly as new SSSs join. The STEP Market Committee, based on ECB assessment and STEP Secretariat recommendations, selects these SSSs.

To send your application to become a STEP accredited SSS, please fill in the STEP SSS Application questionnaire.

The current STEP eligible SSS are:

Oesterreichiches Kontrollbank AG - Austria

NCSD APK - Finland

BNB-NBB - Belgium

Clearstream Banking Luxembourg - Luxembourg

Euroclear France - France

Euroclear Bank - Belgium

Euroclear Netherlands – The Netherlands

Iberclear - Spain

Clearstream Banking Frankfurt - Germany

Monte Titoli - Italy

Interbolsa - Portugal