What is new?
Important message
Dear Market Participants,
Following Moody’s change of policy regarding the publication of the rating letters, the STEP Market Secretariat will accept applications without Moody’s rating letter attached, provided that the rating is specified in the Information Memorandum, along with a link to the Moody’s website with the reference of the programme. This is a temporary measure which only concerns Moody’s. Please note that Euribor-EBF is currently having ongoing discussions with Moody’s to find a long term solution.
Should you have any further question, please do not hesitate to contact the STEP Market Secretariat.
The STEP Market Committee has decided to introduce a contribution for issuers applying for a STEP label. Such contribution will cover administrative costs and will be applied as follows:
- € 5000,- for new STEP programmes;
- € 2000,-/year for existing STEP programmes management.
The collection of contributions will start as of 1 June 2010 under the following conditions:
- New STEP programmes will be exempt from contributing until 31 December 2010;
- Existing STEP programmes will be requested to contribute to € 1000,- for the rest of 2010.
The collection of contributions for 2011 will start in January 2011.
We would be grateful if you could provide the STEP Secretariat with your contact details for contribution purpose as soon as possible.
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The Short-Term European Paper (STEP) initiative 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 ACI-The Financial Markets Association (ACI) and the European Banking Federation (EBF) are the main promoters of the STEP initiative.
STEP relies on STEP Market Convention. The STEP Market Convention lays down the criteria which short-term paper programmes must fulfil to be STEP compliant and the procedures for granting and withdrawing the STEP label. The STEP criteria and requirements relate to the disclosure of information, the format for documentation, settlement, and the provision of data for the production of STEP statistics. A STEP label does not relate to the creditworthiness of issuers or the accuracy of the information provided. In order to obtain and maintain the STEP label for a short-term paper programme, the issuer, the features of the programme and the Notes issued under the programme must comply with the requirements of the Convention, including its Annexes.
The goal of this website it is to be a central communication platform between all the
actors of the short-term securities markets.
This website provideds the tools of harmonisation for the short-term securities markets:
- an online library: where you can find all the official documents, ready to be downloaded, concerning STEP;
- an application corner: where you can apply to obtain the STEP label for a brand- new issue;
- a STEP Directory: where all the issues to which the STEP label has been attributed can be found.
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