Short Term European Paper
Fostering the integration of the European markets for short-term paper through the convergence of market standards and practices.
What is Step Label?
STEP establishes common practices and standards for the documentation of short-term paper programmes in Europe.
A STEP-labelled programme is a strong commitment to promote transparency, with the disclosure of all mandatory documentation in a standardised way, and the consent to the use of specific data related to the programme activity for the production of statistics.
Advantages of label
Voice and visibility to issuers: clearly indicates their active support to the harmonisation and integration of the short-term paper markets in Europe.
Free access to up-to-date information on the issuers, as well as on the features and the activity of their short-term paper programs.
Facilitate comparisons between issuers and paper, reducing the cost of research and the arranging of programmes.
Readily available statistics on yields and volumes allow dealers and investors to make timely and well informed investment decisions.
Contribute to market depth and market liquidity, thus broadening the investors’ base and sources of funding.
Neutral and independent source of information, unaffected by any conflict of interests, protecting not only the investors, the dealers and their firms.
Facilitate the eligibility to Eurosystem credit operations and purchase programs because it has been accepted as a non-regulated market for collateral purposes in Eurosystem credit operations.
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.
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.