Jan 5, 2017
In order to be compliant with new web security standards EMMI and STEP websites are now in HTTPS protocol.
Should you have any issue accessing the sites or the data please do not hesitate to contact us

Jan 4, 2017
A new label has been granted:
Johnson Controls International plc euro-commercial paper prorgamme – STEP ID 0002940

Information Corner

Home » Glossary

Online glossary of the short-term paper market

  • ABCP
    A short-term debt instrument that is backed by a form of collateral provided by the issuer, which generally has a maturity of no more than one year and is either interest-bearing or discounted. The assets commonly used as collateral in the case of financing through ABCP conduits include trade receivables, consumer debt receivables and collateralised debt obligations.
    ABCP issued under an ECP programme within the ECP market.
  • ACI - The Financial Markets Association
    Founded in France in 1955 following an agreement between foreign exchange dealers in Paris and London. In the years that followed, other national associations were formed and there are now affiliated financial markets associations in 63 countries and individual members in another 5 countries. ACI has the largest membership of any of the international associations in the wholesale financial markets. Also see ACIFOREX
  • Application for the STEP Label
    Process which consists in requesting a STEP Label for a short term paper programme and which is described in Chapter 2 of the STEP Market Convention
  • Arrangement
    Process of setting up a short term paper programme. This includes, but is not limited to :drafting the different documents (information memorandum, dealer agreemnt, IPA agreement) , enforcing due dilligences, getting legal opinions, marketing the porgrammme, ...
  • Code of Conduct
    Consult « STEP Code of Conduct »
  • Convention
    Consult « STEP Market Convention »
  • Dealer
    Financial Intermediary who, under appointment of the issuer of a programme, buys on the primary market short term papers and place it to investors.
  • Declaration of Adherence to the STEP Market Convention
    Document whereby the issuer of a programme undertakes to comply with the STEP Market Convention when applying for a STEP label. See Annex 2 of the STEP Market Convention.
  • EMMI   
    Consult « European Money Markets Institute »
  • ECB
    Consult « European Central Bank »
  • ECP 
    The Euro Commercial Paper (ECP) market is a professional short-term debt market which offers opportunities for issuers to raise working capital and other short-term funding as well as for short-term investors to make varied short-term investments.
  • Eligible Data Provider
    Data provider nominated by the ECB and approved by the STEP Market Committee which receives, processes and transmits to the ECB data concerning the issuer and the programme for statistical purpose. See Art. 1.10 and annex 5 of the STEP Market Convention.
  • ESCB Consult « European System of Central Banks »
  • Euribor ACI
    Association founded in 1999 with the launch of the Euro. Its executive members are the national associations of ACI - The Financial Markets Association, participating in the Euro. Associate members are the national associations of ACI - The Financial Markets Association of those European countries that are not participating in the Euro. A strong commitment exists on the part of all participants together with a feeling of being part of the continued construction and development of the financial markets in Europe. 
  • Euribor EBF
    Previous name of EMMI.
  • European Central Bank 
    Central bank for Europe's single currency, the euro. The ECB’s main task is to maintain the euro's purchasing power and thus price stability in the euro area. Also consult
  • European Money Markets Institute   
    The European Money Markets Institute (EMMI), formerly known as Euribor-EBF, is an international non-for-profit association under Belgian law founded in 1999. EMMI provides the following two indexes: Euribor®, the money market reference rate for the euro; and Eonia®, the effective overnight reference rate for the euro.   
  • Global Programme
    Programme composed of diffferent forms of Notes (example : Global Programme composed of US CP and ECP). See Art. 1,9 of the STEP Market Convention.
  • IPA
    Consult « Issuing and Paying Agent »
  • Issuing and Paying Agent 
    Financial Intermediary who takes care of the andministrative linked to the issuance of CP / CD notes issued under a programme. This includes, but is not limited to : creating the issue, taking care of having the issue parametered in the settlement sytem, creating the note, getting a ISIN code for the note, delivering the note to the dealer or initial investor, calculating bonds and redemption, reimburcing principal and proceeds at maturity.
  • Multi Issuer Programme
    Programme issued by more than one issuer. See Art. 1.8 of the Convention.
  • Negotiable Debt Securities
    Consult « TCN »
  • Securities Settlement System
    System which permits the holding and transfer of securities or other financial assets, either free of payment (FOP) or against payment (delivery versus payment).
  • Short Term European Paper
    Short Term Paper, issued under a STEP labelled programme.
  • SSS
    Consult « Securities Settlement System »
  • STEP
    Short-Term European Paper. Initiative aimed at fostering the integration of the European markets for short-term paper through the convergence of market standards and practices, of which the main promoters are the ACI-The Financial Markets Association (ACI) and the European Banking Federation (EBF). Also consult STEPMARKET.
  • STEP Code of Conduct
    Code of Conduct defining, in the STEP Market Convention, the composition, tasks, rights of the STEP Market Committee and the STEP Secretariat. See annex 1 of the STEP Market Convention.
  • STEP Compliant
    Which complies with the STEP requirements laid down in the STEP Market Convention (for a programme, an issuer, a SSS, a timing of update …)
  • STEP Information Memorandum
    Information Memorandum of a STEP labelled programme, which complies with the criteria and requirements laid down in the STEP Market Convention. The STEP Standard Information Memorandum is part of the STEP Information Package.
  • STEP Standard Information Memorandum
    Consult «STEP Information Memorandum»
  • STEP Label
    Label granted to STEP-compliant programmes. The STEP criteria and requirements relate to the disclosure of information, the format for disclosure 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.
  • STEP Market Comittee
    Committee composed of persons of recognised standing and professional experience in the functioning of the European markets for short-term papers and which monitors market developments and establishes and reviews the market standards on which the STEP label is based.
  • STEP Market Convention
    Convention which lays down the criteria and requirements which short-term paper programmes must fulfill to be STEP-compliant, the procedures for granting and withdrawing the STEP label. 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 STEP Market Convention, including its Annexes.
  • STEP Market Website
    Website monitored by the STEP Secretariat in order to deliver information to the public about the STEP project and about STEP labelled programmes. This website is open to the public.
  • STEP Secretariat
    People responsible for granting, witholding or withdrawing the STEP label, administering the STEP Market website and providing data to the ECB for statistical purposes under the supervision of the Euribor-EBF Secretary General.
  • NEU CP – Negotiable European Commercial Paper
    On the French market, Negotiable Debt Securities are financial securities issued on the issuer’s initiative and traded on a regulated or over-the-counter market, each of which represents a right of claim. It includes (1) Certificates of deposit with an original maturity of up to one year issued by credit institutions and the Caisse des dépôs et consignations, (2) Commercial Papers with an original maturity of up to one year issued by investment firms and the issuers referred to in the French Monetary and Financial Code (points 2 to 10 of article L.213-3 and (3) Negotiable medium-term notes (non STEP-eligible) with an original maturity of over one year issued by issuers referred to in the French Monetary and Financial Code (Article L.213-3 except point 10).Source: French Monetary and Financial Code. 

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