Global Rate Set Systems began providing Calculation agent services for EMMI, the administrator of EURIBOR in July 2014.
Since this time, the EURIBOR benchmark has undergone a significant reform process including its authorisation under EU 2016/1011 as a critical benchmark.
As part of this process, the calculation methodology changed so that the benchmark is now a reflection of underlying transactions. To deal with these changes GRSS has expanded its human resource capability by providing supervisors and oversight staff with experience in markets and trading activities, as well as robust back-up and disaster recovery plans.
This level of increased transparency has been well received by the market and will ensure that EURIBOR continues in the longer term.