Short Term European Paper
Fostering the integration of the European markets for short-term paper through the convergence of market standards and practices.
The STEP label
STEP establishes common practices and standards for the documentation of commercial paper programmes and provides market transparency via the publication of statistics by the European Central Bank.
Benefits of STEP
Promotes harmonisation and integration of the short-term paper markets in Europe.
Offers a neutral and independent source of information, unaffected by conflicts of interest.
Standardises short-term paper documentation in a transparent manner.
Provides free, unbiased access to market information.
Allows for timely investment decisions by providing quickly accessible data.
Contributes to market depth and liquidity by enhancing transparency.
Enables eligibility for Eurosystem credit operations and purchase programs as a non-regulated market for collateral purposes.
STEP labelled programmes
Check the STEP labelled programmes.
Statistics
Check the latest readily available statistics on yields and volumes.
Governance
The STEP initiative is jointly run by The European Money Markets Institute and ACI Financial Markets Association. The two entities have set up a strong governance : the STEP Market Committee and a STEP Secretariat and have adopted the STEP Market Convention. STEP benefited from the active support of the European System of Central Banks and the European Central Bank.
Disclaimer: STEP takes reasonable measures to ensure the quality and accuracy of the information on this Website. However, STEP cannot be held liable in any way for the inaccuracy or incompleteness of any information that is available on or through this Website. In addition, none of the Parties can in any way be held liable or responsible for the content of any Website linked to this Website.