November 2000 Issue

(Each part of this document has been loaded as a separate PDF file; click on the appropriate heading to access the file. In order to view these documents you should use the latest Adobe Acrobat Reader (available free from  Adobe's Website )

Title, Contents and Foreword (95k)
[For ease of download this file contains the Title Page, Contents List and Foreword.]

List of Internet Addresses

Overview (173k)
The Euro Markets Two Years On

• A Growth of Issuance
• B Integration of Trading and Settlement
• C Diversification of Investment
• D Consolidation of Market Firms
• E Regulation and Supervision
• F The City's Position as a Euro Centre

Chapter 1 (212k)
Euro Markets

• A Monetary Policy Operations of the Eurosystem
  Eurosystem refinancing operations
  Collateral
  Box: UK contribution to ECB Tier 1 list
• B Foreign Exchange Market
  The euro exchange rate
  Trading volumes, liquidity and volatility
• C Money Market
  Unsecured money market
  Secured money market
  Euro commercial paper
  Money market derivatives
• D Debt and Equity Capital Markets
  Euro-area government bond issuance
  Non-sovereign euro-denominated bond issuance
  Box: Freddie Mac
  Fixed interest rate derivatives
  Equity issuance
  Equity index derivatives

Chapter 2 (169k)
Euro Infrastructure

• A Payment Systems
  Usage and performance of different payment systems
  Outstanding wholesale payment issues
  Commercial and retail cross-border payments
  New payment system developments
  Old national currencies, SSIs and account management
• B Trading, Clearing and Settlement Systems
  Introduction
  Money and bond trading
  Equities
  Derivatives
  Clearing
  Box: A central counterparty model
  Securities settlement
  Box: Real-time payment in central bank money
• C Regulatory and Legal Issues
  The European Commission's Financial Services Action Plan
  The Committee of Wise Men
  The European Master Agreement

Chapter 3 (217k)
Completing the Changeover to the Euro in the First Wave and Greece

• A The Final Changeover to the Euro in Retail Banking
  Changeover work by individual banks
  Box: Examples of the two different approaches to the final retail changeover
  Changeover of the retail payment infrastructure
  Box: Three different methods for handling euro in the retail payment infrastructure
  Box: Base-currency conversion in retail payment systems
  Practical questions about the end of the euro changeover
  Box: Market practitioners' questions about the end of the transition period
• B Introduction of Euro Notes and Coin
  Production
  Practical implementation of the changeover
  Changeover costs
  Issues for countries outside the euro area
• C Preparations for the Changeover in Greece
  Preparations in the financial sector
  Changeover in the Bank of Greece

Chapter 4 (165k)
Preparations for Possible UK Entry

• A UK Changeover Planning
  Box: Use of the euro in the UK outside the financial sector
• B Changeover in Sterling Financial Markets
  Sterling financial markets: how might the changeover be handled?
• C The Relationship Between Wholesale and Retail Financial Preparations
  Box: A consultation document on wholesale/retail interdependencies in any changeover from sterling to euro