In 2013 the critical benchmarks, Euribor and Eonia benchmarks were calculated and published by Thomson Reuters and administered by EMMI (European Money Market Institute). The benchmark was provided to the market free of charge. EMMI was critically aware of the need to build its governance to meet IOSCO and then BMR in the future. Additional funding would be essential and also new calculating agent capability to meet their future needs to become a transaction based benchmark.
GRSS consulted with the EMMI management about licencing options and a transition to the GRSS calculating agent system. Due to the critical status of the Euribor and Eonia benchmarks, a very strict set of requirements were required for any transition.