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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.
What are the advantages for issuers to have a STEP Label?
- Label of visibility and transparency
- Eligibility for ECB market operations
Requirement to list ECPs on NYSE Euronext
- Publication of weekly statistics by ECB and on the STEP website
- Limited cost for establishing the information memorandum
- Promotion of short term European market in Europe through a convergence of existing markets
- Potential disadvantage in case of not being involved (STEP is a must-have)
What are the advantages for investors to have a STEP Label?
- Transparency, frequency of update and user friendly documentation via a standard presentation designed by banking issuers
- CP with STEP label is eligible as money market instrument
- All information of all issuers are available via the STEP web page - Access to the webpage is anonymous, free of access and all the process is monitored by Euribor-EBF with the logistical support of ECB for data collection and computations
- Statistics on the STEP market provide a unique feature to gauge their credit exposure toward a programme, whatever the programme type is
- Promotion of short-term European market in Europe through a convergence of existing markets
- Commitments are followed by the STEP Secretariat which monitors the granting of the label
Where information of the market volumes can be found?
What documents are needed when applying for a STEP label the first time?
How to apply for a STEP label?
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"?
When does a renewal of label occur?
What documents are to be submitted in order to renew a label and be still STEP-compliant?
How to renew an existing STEP label?
What are the conditions for a withdrawal?
The STEP Secretariat may withdraw the STEP label granted to a programme:
How the Issuer(s) can alert the STEP Secretariat of his/her withdraw request?
Send an email to firstname.lastname@example.org with in the subject field:
“Request for Withdrawal – STEP ID #... – Name of the Programme".
In the body of the e-mail, please state the reasons for your request.
How to contact the STEP Secretariat?
What is the role of the 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.
On-line directory configuration
The on-line directory
is composed of:
A. One consolidated table showing:
- Programme Name
- Programme Type
- Label granted date
- Information Memorandum date
- STEP ID
B. Access to the programme documents and specific data
Each programme name is a link to the following data:
- One set of Documents (IM, Annual Reports, ...)