The EONIA and EURIBOR reforms are necessary because neither interest rate complies with the requirements of the EU Reference Regulation (“BMR”). The BMR was introduced to ensure the accuracy, robustness and integrity of the repositories. To do this, the BMR has put in place requirements for procedures for setting repositories such as EONIA and EURIBOR. > In the modified version from time to time with “interest rate: all interest rates”: the discount of interest rates means that if the parties have set an interest rate in their hedging agreement, the interest rate was not set at the time of the collateral agreement, but is within the framework of a subsequent version that automatically replaces the interest rate set in the following version. This feature was particularly useful for the expected update from version 1.0 to version 2.0, when market participants knew that the range of rates covered would be expanded. The collateral rate definitions state that the inclusion of collateral rate definitions does not affect the application of the 2014 Collateral Agreement Negative Interest Rate Protocol to collateral agreements. In particular, the collateral rate definitions state that the indication of the amended STR as an applicable interest rate is not akin to a “spread provision” for the purposes of the negative rate protocol. The inclusion of a spread commission in a collateral agreement may result in the agreement not falling within the scope of the negative interest rate protocol. The collateral rate definitions were established by ISDA as part of efforts to move interbank interest rate markets (“IBRs”) to alternative risk-free interest rates (“RFR”) and broader benchmark reforms. General information on IBOR setting and RFR development can be found in our previous “Buy-side perspective: IBOR transition and derivatives” briefing. The parties should consider whether it is appropriate to continue to include EONIA as an interest rate on euro liquidity in their guarantee agreements, as this rate will only be available for a limited period of time.