June 2001 Issue

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Three boxes - in Chapter 3 on data for the City's Market Share (pages 67A and B); and in Chapter 4 on Use of the Euro Inside the Euro Area (70A), and on Use of the Euro in the UK beyond the City (100A and B) - are included only in the internet version.

Title, Contents and Foreword (142k)
[For ease of download this file contains the Title Page, Contents List and Foreword.]

List of Internet Addresses

Chapter 1 (540k)
Euro Markets

• A Eurosystem Monetary Policy Operations
  Eurosystem refinancing operations
  Counterparties
  Collateral
• B International Use of the Euro
• C Foreign Exchange Market
  The euro exchange rate
  Trading volumes, liquidity and volatility
  Box: The impact of the euro on the foreign exchange market - Citibank
• D Money Market
  Unsecured money market
  Secured money market
  Money market derivatives
  Money market issuance
• E Debt Capital Markets
  Government bonds
  Non-government bonds
  Syndicated bank lending
  Credit derivatives
  Box: Euro debt capital market: the benchmark yield curve - UBS Warburg
  Box: Corporate euro bond issuance - Deutsche Bank
  Box: Corporate bonds: the euro as competitor for the dollar - BNP Paribas
  Box: Syndicated loans and the euro - Barclays
  Box: The European credit derivatives market - JPMorgan
• F Equity Capital Markets
  Equity issuance and trading
  Mergers and acquisitions (M&A)
  The technology sector
  Diversification of investment
  Box: European equity financing - Goldman Sachs
  Box: The European M&A market and the euro - Morgan Stanley
  Box: Investment banking in the technology sector in Europe - CSFB
  Box: European pension fund asset allocation - Merrill Lynch Investment Managers
• G Pan-European Financial Services
  Wholesale financial services
  Retail financial services
  Box: European private banking - HSBC

Chapter 2 (145k)
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
• B Trading, Clearing and Settlement Systems
  Trading systems
  Relationship between trading, clearing and settlement systems
• C Regulatory Issues
  The Committee of Wise Men
  The European Commission's Financial Services Action Plan
• D Tax and Legal Issues

Chapter 3 (125k)
The City's Position as a Euro Centre

Chapter 4 (301k)
Completing the Changeover to the Euro

• Introduction
• A The Final Euro Changeover in Retail Banking
  Background
  I The changeover in retail banking
  II Changeover of the retail payment infrastructure, and handling of previous national currency payments after 1 January 2002
  III Other end-of-transition period issues
• B The Introduction of Euro Notes and Coin
  Background
  I Preparations for the introduction of euro notes and coin on 1 January 2002
  II Dual circulation period
  III After the dual circulation period
  IV Risks and contingency planning
  V Cost compensation
• C Implications of the Euro Changeover for the UK
  I Issues for the UK arising from the final changeover to the euro in retail banking
  II Issues for the UK arising from the introduction of euro notes and coin

Chapter 5 (152k)
Preparations for Possible UK Entry

• A Practical Preparations
• B Wholesale/retail interdependencies: Technical Issues
• C Preparing the Bank of England for Possible UK Entry
  Box: Wholesale/retail interdependencies: technical issues