July 4, 2023 (NO COMMENTS)

Refinitiv has updated its prototype euro short-term rate, or €STR, to incorporate executed swaps trade data, amid ongoing concern around data sufficiency and reliance on a single source. Currently based on €STR overnight index swap (OIS) quotes streamed to Tradeweb’s dealer-to-client platform, Refinitiv’s updated methodology expands the top layer of the input waterfall to include €STR OIS trades cleared at LCH Swapclear. “You can never eliminate all operational risks, so having at least two