Home

What is the STEP Market Convention?

STEP relies on 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. 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 revised STEP Market Convention has been signed by European Money Markets Institute and Euribor-ACI on 19 May 2015.