EONIA Switch to ESTR

ECB will begin elimination of Eonia and replaced with $STR. on October 2
Massive change is the 3:00 a.m EST publication time from Afternoon EST in New York afternoon.
No longer will Eonia compete against FED Funds Rate released at 4:15 EST daily and published just shortly after Eonia.
Now $STR becomes its own standing Interest rate and competes against itself and other European interest rates.
This move, years in the overall ECB plan, represents the ECB full break with Fed Funds.
More importantly, the new plan represents the ECB‘s full control over EUR and all European Financial instruments as is the Methodology for all nations. European interest rates now fully decide their own price of their financial instruments to include Euro. Previous in NY afternoons, Eonia competed with Fed Funds as traders had a choice to trade USD or Eonia.
Its a smart move for the ECB.
 The 3 am publication means $STR moves ahead of the BOE  Sonia so EUR becomes King Currency as the first trade Currency over GBP.
Overall Trade lineup from FED funds 4:15 EST. As follows
3 am means americans daytrades are forced to trade as we do starting at 2:30 am or the day trade profits will be lost.
New $STR means EUR may predict 24 hours ahead accurately as is the case for all currencies. Previously, Eonia released in NY afternoons had to compete with not only Fed Funds but the next day’s Euribor release. Eonia was to involved against other interest rates to predict 24 hours ahead with perfect accuracy.
 EUR movements should be better, more sound. Forward STR will be calculated based on OIS trade rates
  The ECB’s transition to STR means no changes to overall Interest rates. The idea to go more negative interest rates forces CHF, SEK, DKK and NOK to cut their own rates lower as all interest rates from respective nations are located below Europe. Now is not the time for the ECB to act while in transition.
      Brian Twomey
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