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STEP Market Convention

The STEP Secretariat is managed by EMMI.
European Money Markets Institute (EMMI) is an international non-profit making association under Belgian law founded in 1999 with the launch of the Euro and based in Brussels (56, Ave des Arts, 1000 Brussels). Its members are National Banking Associations in the Member States of the European Union which are involved in the Eurozone and the Euro-system.



EMMI Board
  Secretary General
  STEP Committee

Reference documents

STEP Initiative is governed by the STEP Market Convention.

On 1 January 2023, Euribor ACI transferred all its rights and obligations under the STEP Market Convention to its parent association ACI FMA (Assignment Agreement).

The STEP Market Convention lays down the criteria that short-term paper programmes must fulfill 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.

To proceed to a programme new application, please read the conditions under the “New label” page.

To proceed to a programme update, please read the conditions explained under the “Label maintenance” page.

STEP Accredited Securities Settlement System (SSS)

The list of STEP-compliant Securities Settlement Systems (SSSs) can change from time to time as new SSS join the STEP Initiative (see template STEP-Compliant SSSs Questionnaire” for candidate SSS)

Upon recommendation of the STEP Secretariat, and assessment by the ECB, the STEP Market Committee selects the STEP-compliant SSSs, and the STEP Secretariat makes available and regularly updates the list on this website.

The current STEP Eligible SSS are :

Oesterreichiches Kontrollbank AG - Vienna - Austria
NCSD APK - Helsinki - Finland
BNB-NBB - Brussels - Belgium
Clearstream Banking Luxembourg - Luxembourg
Euroclear France - Paris - France
Euroclear Bank - Brussels - Belgium
Euroclear Netherlands - The Netherlands
Iberclear- Madrid- Spain
Clearstream Banking Frankfurt - Germany
Monte Titoli - Italy
Interbolsa - Portugal


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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