Feb 13, 2012 - A new label has been granted:
Munchener Hypothekenbank eG French Certificats de Dépôt – STEP ID 0002295
Jan 26, 2012 - A new label has been granted:
Caixa Geral de Depositos Multi-Issuer ECP and CD – STEP ID 0002284
Feb 6, 2012 - Discover the latest Euribor-EBF Newsletter

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 Banking Federation (EBF) are the main promoters of the STEP initiative.

Value for issuers

Visibility & advertisement
Market egilibility
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

Value for investors

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

Read here in detail the value for Investors

Information to Market Participants

Temporary measures

Moody’s and Fitch rating letters are not available in the programme application?

2 conditions to fulfill ...

STEP contribution structure

€ 5000,- for new STEP programmes
€ 2000,-/year for existing STEP programmes management

Read the STEP contribution structure for more information.

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

Caixa Geral de Depositos Multi-Issuer ECP and CD – STEP ID 0002284
Munchener Hypothekenbank eG French CD - STEP ID 0002295

How to apply for or renew your STEP Market Label?

The STEP Label process is explained here:

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.