Euribor-EBF said it will start charging users for realtime access to benchmarks including Euribor, Eonia, and Eurepo, citing the increased cost of overseeing the rates.
“This cost needs to be transferred to the end-users of the benchmarks on a user-pays basis,” Guido Ravoet, chief executive officer of the Brussels-based industry group that manages the rates, said in a statement today.
The fees will be introduced in January and range from 500 euros ($678) to as much as 40,000 euros annually, depending on the size of the user, Euribor-EBF said. Delayed benchmark data will still be available at no charge to all market participants through the group’s website.
Authorities around the world are investigating the abuse of financial benchmarks such as the London interbank offered rate, forcing the bodies that oversee the rates to step up oversight of the submissions used to compile them. Barclays Plc (BARC), Royal Bank of Scotland Group Plc and UBS AG (UBSN) have been fined more than $2.5 billion for rigging the benchmark.
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