Practical Issues Arising From The Euro

April 1997 Issue 4

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Title Pages (27k)

Contents Page (6k)

Chapter 1 (6k)
Introduction
Box: Provisional timetable of key dates

Chapter 2 (290k)
Wholesale Payments Arrangements
Development of CHAPS for euro
TARGET
Chart A: Timetable for wholesale payments systems development
EBA Clearing
Box A: The current UK approach to "spillover"
Box B: Need for, and alternative sources of, intraday liquidity

Chapter 3 (78k)
Settlement Systems for Securities and Derivatives
A "minimal change" approach to the Bank's systems
Chart B: Securities settlement in CGO
A securities settlement group
A medium-term strategy for securities settlement systems in London
CREST
London Clearing House
EMI's work on securities settlement
Chart C: The correspondent central banking model

Chapter 4 (1.8M)
Financial Markets and Exchanges
Redenomination and market conventions

Redemonination and Market Conventions in International Financial Markets after EMU
Box: Approaches to redenomination
Annex A: Redenomination and rounding of securities
Annex B: Specimen Reuters screen pages (Charts D-F)

Bond, money and foreign exchange markets
Box: A "euro" style bond market has begun
Box: Practical steps in the money and foreign exchange markets
Equity market
Derivitaives markets
Other sectors
Regulators

Chapter 5 (9k)
Business Preparations
Box: The Hundred Group Report: managing the changeover within a company

Chapter 6 (42k)
Retail Preparations
Retail payment systems
Chart G: Timetable for retail payment systems development
Other retail preparations

Chapter 7 (21k)
Overarching Issues
The Law
Box: Transfer of foreign reserves to the ECB: some facts
Accounting
Taxation
Information technology
Box: Action required by companies on IT systems

Chapter 8 (266k)
Monetary and Fiscal Policy
Monetary Policy in Stage 3
Table 1: ESCB open market operations and standing facilities
Table 2: Eligible assets
Chart H: Common elements in inflation and monetary targeting
Preparations for the ECB's foreign exchange and reserves management
Exchange rate policy
Stability and Growth pact
Statistical preparations
Design of euro banknotes