STEP-Short Term European Paper Project


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ABOUT STEP

What is new?

STEP Secretariat will be closed for business from 10/04 to 20/04 (incl.). During this time we will not process any STEP label applications and/or queries. This period should not be counted towards the processing time of ongoing applications received before 10/04.

March 09

European banks welcome ECB move to further integrate STEP market.

The ECB decides to expand the list of assets eligible as collateral in Eurosystem credit operations.

Oct. 08 - ECB Press Release

 

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.
 

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.
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