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Frequently Asked Questions: All the answers to your questions


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.

STEP Institutional Framework: Who is implementing the initiative?

a. STEP Market Committee Monitors market developments and establishes and reviews the market standards on which the STEP label is based. The STEP Market Committee may amend the provisions of the Convention in accordance with the terms of the Code of Conduct of the STEP Market Committee (the “Code of Conduct”). The STEP Market Committee also provides guidance on the appropriate and consistent interpretation of the Convention.
b. STEP Secretariat for the day-to-day management of the STEP label; to grant, withhold or withdraw the STEP label on the basis of the criteria and requirements in the STEP Market Convention; to make available the electronic format of the information memoranda of STEP-labeled programmes and related information on the STEP website; to provide certain data to the ECB and the eligible data providers to produce STEP statistics; to act as the secretariat to the STEP Market Committee; and to administer the STEP Market website.

What is the STEP Market Convention?

The STEP Market Convention lays down the criteria which short-term paper programmes must fulfill to be STEP-compliant and the procedures for granting and withdrawing the STEP label.

Does the issuance of a STEP labelled paper increase in any way the administrative burden of the issuer?

Not at all. But for the inclusion of the programme in the STEP statistics, it is necessary that the issuer immediately informs the relevant issuing and paying agent(s), securities settlement system(s) [SSSs] and dealer(s) that the STEP label has been granted to the programme.

Where information of the market volumes can be found?

The STEP Statistics can be found at the European Central Bank's website

What documents are needed when applying for a STEP label the first time?

Consult the "New label" section of the STEP Website.

How to apply for a STEP label?

Consult the "New label" section of the STEP Website.

When is the programme STEP-compliant?

In order to obtain and maintain the STEP label for a European 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 STEP Market Convention, including its Annexes.

What does it mean to "renew a label"?

Consult the "Label maintenance" section of the STEP Website.

When does a renewal of label occur?

Consult the "Label maintenance" section of the STEP Website.

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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