140:, because they need it to align the European market standards and promote the integration of the European market. This is to simplify the market standards and merge the European market by using one standard rather than using different standards on different markets in Europe. Establishment of a market index for STEP is recommended as a useful tool to increase the degree of market transparency by providing investors with more available information so there is better protection on investors’ interests. They attach a lot of importance to this issue because this market is very crucial to the
358:
order to achieve this goal, two large institutions, Euribor ACI and
European Money Market Institute, amended their statuses at that time and take on the responsibilities that associate with STEP and adopt to the STEP Market Convention. Under regulations of the STEP Market Convention created by Euribor ACI, issuers would have to put in place with any arrangements with entities, such as securities settlement system, the issuing and paying agents and so on, that are necessary to provide the eligible data provider with complete and accurate data for the production of statistics by the ECB.
71:
89:. The EU has accepted the STEP market as a non-regulated market due to collateral purposes; meanwhile, this will not influence the existing national and European legislative, regulatory and supervisory systems. As a short-term financial instrument, Short-Term European Paper could be issued by Treasury, banks, funds and so on, with a minimum amount of EUR 100,000. It is normally issued at a discount price, which is lower than face value, and matured within a year.
332:. For example, a country's market trades in T+0, a transaction happens on Tuesday can settle on Tuesday immediately. For T+1, a transaction happens on Tuesday, settlement will have to occur on Wednesday; and so on and so forth. This indicates settlement dates for various countries in the European countries. For example, Different settlement dates lead to huge difficulty to harmonise in the European market.
366:, category "Rating 1" refers to the highest credit rating, which refers to A1, P1 or F1; "Rating 2" is high credit rating, referring to A2, P2 or F2; and "Rating 3" refer to medium credit rating, referring to A3, P3 or F3 . The STEP Market Convention sets the credit rating on STEP to ensure enough market transparency to protect investors. Furthermore, if an issue has different rating levels from different
174:
22:
382:
data providers who are able to comply with the reporting instructions based on their capacity to comply with this instruction. Data providers would be required to report the total STEP volumes in the actual original currency, and the ECB will convert foreign currencies into euro with the end-of-day Euro exchange rage on the day.
373:
Except for the
Financial Market Association and the European Banking Association, Short-term paper task force was the committee of the STEP Market. This required them to finalise all issues associated with Short-Term European Paper and the Market Convention at that time. The STEP Market Committee was
156:
is backed by the credit of the government, which is a lot more trustworthy and stronger than the credit of corporations because when the government could print money to pay investors back when their financial condition does not allow them to pay back using existing cash flows; hence, short-term paper
361:
Regulations and criteria of Short-Term
European Paper were stipulated by the STEP Market Convention. The issuers of STEP programme must meet the requirements that were stipulated by the STEP Market Convention. Requirements like minimum amount of issuance and currency types were all stipulated by the
123:
and so on. The most popular one is credit risk, referring to default risk as well, which states that the issuers will probably default on the short-term paper and investors bear the losses. Furthermore, short-term paper is very similar to bonds in their nature. This is because the buyers of both the
381:
was also assigned some responsibilities and sanctioning powers on STEP. The ECB, as a watchdog, was mostly responsible for surveillance on the market and the granting of the STEP label. The ECB's sanctioning power was withdrawal of the STEP label. Furthermore, the ECB is also in charge of assessing
357:
Previously, the
Financial Market Association and the European Banking Association were in charge of promoting the STEP initiative, which is mainly aligning the European market standards and promoting the integration of the European money market and the development of the short-term paper market. In
319:
Furthermore, an institution suggested constructing an index to make the market more transparent to investors because the task force believed that the success in US and French market is because of availability of statistics and market transparency, but the construction of the index for Short-Term
147:
As a financing instrument, it can be issued by corporations or government to solve short-term fund problems; for large corporations, this tool can be used to raise funds to cover short-term problems, such as using the money raised from short-term paper to finance short-term accounts payable or
415:
and difference in reading financial statements. One example of possible severe outcome of risks in financial system is GFC in 2008, which leads to collapse of the financial system and personal wealth across the world, except for some countries that escaped from the GFC, like
Australia and New
348:
According to the criterion of the STEP Market, the issuers of paper does not have to bear the costs associated with the official publication of statistics. The STEP market expressed the opinion that this cost should not be addressed to issuers, they wish this cost remains under control of the
320:
European Paper has not been completed yet due to a list of problems. A factor that leads to pending construction of the STEP index is different settlement dates across countries in the
European Union. For example, the French market trade in T+1, while some markets trade in T+0 and T+2.
151:
Short-term paper would provide the government with the same functions, which is called
Treasury Bills in financial terms. The difference between short-term paper issued by the government and any other institution or organisation is that short-term paper issued by the government or the
389:
and alignments in the market standards; they also hoped that with higher market transparency, investors would be more willing to invest across borders, which in turn accelerate the process of the integration of the
European Market and international capital market.
424:
When buyers borrow money from the issuers, which means that they lend their money out, it is possible that the issuers do not pay the money back at the end when their profitability goes down due to reasons like worse economic environment or industry environment.
453:. For example, investors from the United States may consider investment in Europe, such as Short-Term European Paper, riskier than commercial paper in the US; in turn, European investors may consider the US commercial paper riskier than investment in Europe.
441:. More importantly, if the rate of inflation goes higher than the rate of return on the Short-Term European Paper, investors are actually losing money; because in theory, returns to investors are even lower than the increase in the general price level
681:
374:
also responsible for subsequent updates of the information about the STEP Market, implementation of the STEP label, and promotion of the STEP Market to facilitate the alignment of the market standards and integration of the
European money market.
489:
across different countries; this may lead to a relatively high degree of inconvenience of reading the financial statements for some specific countries with different methods of reading balance sheet and other types of financial statements.
398:
The risks of Short-Term
European Paper are similar to that of commercial paper and bonds because they are all short-term financing instrument and investment channel in nature. The risks of these financial instrument include
124:
short-term paper and bonds are lending their money to the sellers in nature. The only difference is that the time to maturity of short-term paper is much shorter than that of bonds, normally it matures within nine months.
339:
could also make them difficult to be implemented because there is difficulty arise from different value dates. There are currently different classes of Short-Term European Paper issued on a same day settlement
449:
Currency risk exists when holding a foreign currency investment or holding an investment that is denominated by a foreign currency. In this case, this risk only exists for investors outside of the
485:. There may be delay in the release of the financial statements leading to investors cannot read relevant information on time. Furthermore, there are different ways of presenting the
469:
of investment; if interest rate changes significantly, the value of investment may fluctuate a lot, which investors do not expect. However, this risk could be offset by purchasing
1442:
385:
With all the preparation works for STEP, their expectation of benefits of implementing STEP was improving the market efficiency and reduce the cost of credit through higher
160:
As an investment tool, investors can purchase STEP as an investment and sell it to earn the difference in prices or wait until the day that the paper matures.
1430:
157:
issued by corporations will have to offer a higher yield to attract investors to compensate their relatively lower credit comparing to the government.
1436:
879:
835:
891:
847:
1043:
765:
85:
and investment tool, and also a tool for the European Union to align the market standards and practices to promote the integration of the
1366:
1361:
515:
377:
Their further actions on preparing for STEP was considering the distribution of relevant obligations of the issuer and other parties.
999:
Angbazo, Lazarus (1997). "Commercial bank net interest margins, default risk, interest-rate risk, and off-balance sheet banking".
922:
Chen, Z., & Khumpaisal, S. (2009). An analytic network process for risks assessment in commercial real estate development.
794:
1464:
1356:
1232:
107:
Short-Term European Paper is a type of commercial or other short-term paper and bonds, they have very similar risks, such as
978:
208:, there are a lot of Short-Term European Paper currently outstanding on the market, which is shown on the table below.
1172:
433:
A 1987 study stated that inflation may affect purchasing power if inflation rate is higher than the rate of return.
1469:
1212:
70:
1036:
656:
586:
531:
1371:
880:
https://www.stepmarket.org/assets/files/STEP%20Docs/STEP%20Market%20Convention_19May2015_signed_searchable.pdf
836:
https://www.stepmarket.org/assets/files/STEP%20Docs/STEP%20Market%20Convention_19May2015_signed_searchable.pdf
1305:
1207:
461:
This risk has some impact on short-term paper; some investments may suffer from unexpected change in the
1351:
1315:
1152:
1111:
408:
386:
378:
205:
120:
1029:
482:
367:
133:
82:
1121:
560:
96:, measured based on the data of the amount of paper outstanding from 2018 to 2019 given by either
32:
1197:
709:
470:
412:
116:
108:
51:
1404:
1330:
1182:
1104:
761:
701:
511:
1394:
1265:
1237:
1177:
1162:
1008:
795:
https://www.ecb.europa.eu/stats/financial_markets_and_interest_rates/step/html/index.en.html
693:
682:"The Euro Area Corporate Bond Market: Where Do We Stand Since the Introduction of the Euro?"
434:
141:
93:
956:
Hartzell, D., Hekman, J. S., & Miles, M. E. (1987). Real estate returns and inflation.
939:
Hartzell, D., Hekman, J. S., & Miles, M. E. (1987). Real estate returns and inflation.
731:
615:
311:(Figure 1: total amount of STEP outstanding from 2018 to 2019, measured in Euros billions)
1409:
1399:
1202:
1192:
1187:
1116:
336:
86:
187:
Please help update this article to reflect recent events or newly available information.
1310:
1295:
1260:
1247:
1222:
1126:
1094:
1063:
137:
1012:
1458:
1414:
1389:
1300:
1285:
1275:
1227:
1167:
1157:
713:
486:
466:
462:
363:
1325:
1270:
1217:
1147:
1073:
101:
810:
437:
may suffer in this case because the return is even smaller than the increases in
1381:
1320:
1280:
1255:
1131:
1099:
1089:
1052:
438:
400:
112:
697:
144:
and is relating to channelling of funds, investment and financing activities.
705:
92:
The market size for STEP is relatively large compared to some other types of
1068:
465:. This is because the interest rate is the discount rate of calculating the
404:
41:
21:
104:. These entities report specific numbers on outstanding papers regularly.
1335:
1290:
450:
153:
97:
69:
329:
1025:
1021:
167:
15:
370:, the issue will be rated by the lowest credit rating level.
181:
Parts of this article (those related to Section) need to be
561:"Treasury Note and Commercial Paper, outstanding over time"
46:
36:
148:
meeting other short-term debts like interest payment.
1443:
Securities Industry and Financial Markets Association
780:
Cook, T. Q. (1977). Instruments of the money market.
481:
Lastly, there are a few problems of associated with
1423:
1380:
1344:
1246:
1140:
1082:
892:"Statistics on Short-Term European Papers (STEP)"
848:"Statistics on Short-Term European Papers (STEP)"
680:Lichtenberger, Jung-Duk; Bondt, Gabe de (2003).
876:MARKET CONVENTION ON SHORT TERM EUROPEAN PAPER.
832:MARKET CONVENTION ON SHORT TERM EUROPEAN PAPER.
204:From the data available on the website of the
1037:
8:
924:Journal of Property Investment & Finance
655:the ACI-STEP Task Force (15 December 2003).
74:United States Commercial Paper 2001 to 2007
1431:Commercial Mortgage Securities Association
1044:
1030:
1022:
477:Difference in reading financial statements
686:European Business Organization Law Review
1437:International Capital Market Association
594:International Capital Market Association
585:ACI-STEP Task Force (15 December 2003).
362:STEP Market Convention. For criteria on
210:
164:Current statistics and market conditions
657:"The Short-Term Paper Market in Europe"
587:"THE SHORT-TERM PAPER MARKET IN EUROPE"
532:"THE SHORT-TERM PAPER MARKET IN EUROPE"
498:
979:"An Introduction to Commercial Paper"
972:
970:
918:
916:
804:
802:
7:
725:
723:
650:
648:
646:
644:
642:
640:
638:
636:
508:Corporate Bonds and Commercial Paper
1367:Commercial mortgage-backed security
132:As mentioned above, STEP acts as a
1362:Collateralized mortgage obligation
510:. Global Professional Publishing.
14:
1001:Journal of Banking & Finance
172:
79:Short-term European paper (STEP)
20:
789:European Central Bank. (2019).
565:Queensland Treasury Corporation
1357:Collateralized debt obligation
1233:Reverse convertible securities
793:. Retrieved May 8, 2019, from
416:Zealand, to a certain degree.
1:
1013:10.1016/S0378-4266(96)00025-8
614:Chen, James (13 April 2018).
328:This refers to T+0, T+1, and
977:Cussen, Mark (17 May 2019).
809:Chen, James (1 April 2019).
758:The Bond & Money Markets
1173:Contingent convertible bond
730:Chen, James (18 Feb 2019).
1486:
1213:Inverse floating rate note
136:and an important tool for
1059:
791:Short-Term European Paper
760:. Butterworth-Heinemann.
756:Choudhry, Moorad (2001).
698:10.1017/S1566752903005172
218:
213:
1372:Mortgage-backed security
1141:Types of bonds by payout
1083:Types of bonds by issuer
35:, as no other articles
1306:Option-adjusted spread
1208:Inflation-indexed bond
368:credit rating agencies
75:
1465:Derivatives (finance)
1352:Asset-backed security
1316:Weighted-average life
1153:Auction rate security
958:Real Estate Economics
941:Real Estate Economics
899:European Central Bank
874:Step Market. (2015).
855:European Central Bank
830:Step Market. (2015).
506:Coyle, Brian (2002).
349:ACI-STEP Task Force.
206:European Central Bank
73:
1345:Securitized products
483:financial statements
134:financial instrument
83:financing instrument
1122:Infrastructure bond
471:interest rate swaps
439:general price level
387:market transparency
1198:Floating rate note
732:"Commercial Paper"
616:"Short-Term Paper"
541:. 15 December 2003
457:Interest rate risk
413:interest rate risk
117:interest rate risk
76:
54:for suggestions.
44:to this page from
1470:Financial markets
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1405:Exchangeable bond
1331:Yield to maturity
1183:Exchangeable bond
1105:Subordinated debt
767:978-0-7506-4677-2
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1238:Zero-coupon bond
1178:Convertible bond
1163:Commercial paper
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337:settlement dates
324:Settlement dates
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142:financial market
94:commercial paper
81:is a short-term
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47:related articles
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1400:Embedded option
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1203:High-yield debt
1193:Fixed rate bond
1188:Extendible bond
1136:
1117:Government bond
1112:Distressed debt
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834:Retrieved from
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811:"T+1 (T+2,T+3)"
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42:introduce links
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1311:Risk-free bond
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1296:Mortgage yield
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1223:Perpetual bond
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1095:Corporate bond
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692:(4): 517–539.
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517:978-0852974568
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429:Inflation risk
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52:Find link tool
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1415:Puttable bond
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1398:
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1390:Callable bond
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1301:Nominal yield
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1274:
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1271:Credit spread
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964:(1), 617-637.
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1424:Institutions
1382:Bond options
1326:Yield spread
1218:Lottery bond
1148:Accrual bond
1074:Fixed income
1007:(1): 55–87.
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1281:Dirty price
1256:Clean price
1132:Global bond
1100:Senior debt
1090:Agency bond
1053:Bond market
420:Credit risk
401:credit risk
113:credit risk
59:August 2019
1459:Categories
494:References
335:Different
193:April 2023
98:treasuries
50:; try the
37:link to it
1261:Convexity
1069:Debenture
714:154460861
706:1741-6205
539:icmagroup
451:Euro zone
405:inflation
353:Histories
40:. Please
1336:Z-spread
1291:I-spread
1286:Duration
154:Treasury
1445:(SIFMA)
379:The ECB
183:updated
1439:(ICMA)
1433:(CMSA)
1266:Coupon
1168:Consol
905:17 May
901:. 2019
860:17 May
816:15 May
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545:10 Apr
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302:378.9
299:387.1
296:372.3
293:402.0
290:406.4
287:390.3
284:403.4
281:406.1
278:423.8
138:the EU
33:orphan
31:is an
984:9 May
895:(PDF)
851:(PDF)
710:S2CID
665:9 May
660:(PDF)
599:9 May
590:(PDF)
570:8 May
535:(PDF)
394:Risks
344:Costs
315:Index
242:Sept.
1064:Bond
986:2019
907:2019
862:2019
818:2019
762:ISBN
743:2019
702:ISSN
667:2019
627:2019
601:2019
572:2019
547:2019
512:ISBN
272:Mar.
267:Feb.
262:Jan.
257:Dec.
252:Nov.
247:Oct.
237:Aug.
232:July
227:June
220:2019
215:2018
128:Uses
1009:doi
694:doi
330:T+2
100:or
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