The STEP Initiative

It aims to foster the integration of the European markets for short-term paper through the convergence of market standards and practices.
Integration will enhance market depth and liquidity and increase the diversification opportunities for issuers (both financial and non-financial institutions) and investors. The Financial Markets Association (ACI) and the European Money Markets Institute are the main promoters of the STEP initiative.

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Value for issuers

  • Visibility & advertisement
  • Market eligibility
  • Meet NYSE Euronext listing requirements
  • ECB weekly statistics
  • Limited costs for establishing the Info Memo
  • A "must-have"

Read here in detail the value for Issuers

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Value for investors

  • Transparency & standardisation
  • Easy and free access to issuers data
  • Market eligibility
  • ECB weekly statistics
  • Promotion of short-term European market

Read here in detail the value for Investors

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Information to Market Participants


The temporary measure regarding the non-publication of Moody’s and Fitch rating letters has been extended to all rating agencies under certain conditions.

Read more ...

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STEP contribution structure

  • € 5000,- for new STEP programmes
  • € 3000,-/year for existing STEP programmes management

Read the STEP contribution structure for more information.

Example Frame
The latest new granted label

We are pleased to announce that a STEP label has been granted to :

Apply or Renew a Label

How to apply for or renew your STEP Market Label?

The STEP Label process is explained here:

STEP Statistics

ECB Statistics

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.