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.
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.
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.
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.
The STEP Statistics can be found at the European Central Bank's website
Consult the "New label" section of the STEP Website.
Consult the "New label" section of the STEP Website.
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.
Consult the "Label maintenance" section of the STEP Website.
Consult the "Label maintenance" section of the STEP Website.
Consult the "Label maintenance" section of the STEP Website.
Consult the "Label maintenance" section of the STEP Website.
The STEP Secretariat may withdraw the STEP label granted to a programme:
* either on the initiative of the STEP Secretariat or at the issuer’s request;
* if the issuer does not comply with the Info Memorandum regular update rule (every 3 years) or with the exceptional update rule;
* if the issuer(s), the SSS or the eligible data provider fails to comply with the STEP Market Convention;
* in case of non-payment of the STEP contribution.
The withdrawn programme shall immediately be removed from the list of STEP-labeled programmes.
If the withdrawal of the STEP label is made at the request of an issuer, this shall be specified on the STEP website.
Send an email to 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.
Please refer yourself to the Contact webpage.
1. for the day-to-day management of the STEP label;
2. to grant, withhold or withdraw the STEP label on the basis of the criteria and requirements in the STEP Market Convention;
3. to make available the electronic format of the information memoranda of STEP-labeled programmes and related information on the STEP website;
4. to support the ECB to produce STEP statistics;
5. to act as the secretariat to the STEP Market Committee; and
6. to administer the STEP Market 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.
