1 April 2025

By Ronald Rühmkorf

On 1 July 2024, 24 new banks were added to the money market statistical reporting (MMSR) population, increasing the total number of reporting agents to 69. The ECB will include the new banks’ data in the MMSR series for every maintenance period starting from the publication on 1 April 2025, which covers the first reserve maintenance period of the year[1].

Expanding the reporting population makes the MMSR data more representative. Notably, banks from Luxembourg and Portugal are included for the first time, alongside additional banks from countries that previously only had one reporting agent, i.e. Ireland, Greece, Austria and Finland. The additional reporting agents improve the coverage of the euro money markets – in particular, geographically. This allows for more detailed analysis, both of the money markets at national level and of other topics such as interbank relations. 

Including the new reporting agents’ money market transactions in the statistics can affect the time series. Despite the increase in the total number of reporting agents, their combined impact on the weighted average rates[2] is below 10 basis points for almost all series, mostly negligible across all segments, and well within the regular margin of variation. 

Chart 1

MMSR publications: Average daily turnover in main maturities by market segment before and after the inclusion of the new reporting

(EUR millions)
MMSR chart

Sources:
ECB.

Notes:
The vertical dashed line indicates the break in the series between the last reserve maintenance period (MP8) in 2024 and the first (MP1) in 2025.

As expected an overall increase in transaction volumes can also be observed (see Chart 1). Based on the data over the first months of reporting by the new reporting agents, some general observations can be made:

  • in the secured segment, the average daily turnover increased by 5-20% depending on the transaction type and tenor (i.e. lending or borrowing; overnight, spot/next or tomorrow/next);
  • in the unsecured segment, the average daily turnover increased by 5-10% in the main maturities, with higher increases in series where volumes had previously been low;
  • finally, in the overnight index swap (OIS) segment, the increases in average daily notional volumes varied more, with increases of 8-20% in the main spot maturities of 3 months and 6 months and higher increases of 20-30% for spot maturities of five years and more, while forward OIS transactions rose by only 3-10%.

Therefore the impact is not uniform and varies by category, for example by the maturity or nature of the counterparty.

Further information 

MMSR webpage

Press Release: Euro money market statistics and the €STR: Expansion of reporting population

MMSR dataset on the ECB Data Portal

 

[1]   The first reserve maintenance period runs from 5 February to 11 March 2025.

[2]   More information on the weighted average rates published is provided on the MMSR webpage.

 

The views expressed in each article are those of the authors and do not necessarily represent the views of the European Central Bank and the Eurosystem.