EMMI provides and administers 1 critical interest rate benchmark: EURIBOR®, the money market reference rate for the euro, for which EMMI was granted authorisation under Article 34 of the EU BMR on 2nd July 2019; EMMI continuously works to reinforce the transparency & enhance the governance framework of its benchmarks, in to preserve their high quality and integrity. As such, EMMI has conducted in-depth reforms in recent years to comply with market recommendations and to meet the requirements of the Benchmarks Regulation of the EU (EU BMR). EMMI is one of the main promoters of the STEP Initiative aimed at fostering the integration of the European markets for short-term papers through the convergence of standards & practices. Managed by EMMI, the STEP Secretariat is responsible for the management of the STEP label.