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Practical Issues Arising From The Euro

December 1999 Issue

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Title and Contents, Introduction and Internet Addresses (137k)
[For ease of download this file contains the Title Page, Contents List, Introductory Paragraphs and the List of Internet Addresses (which also appears as a separate html page ) ]

Chapter 1 (310k)
The City Since the Launch of the Euro

  • What is the City's Euro Market Share
  • Where are the International Market Firms Basing Their Euro Activities?
  • What Influences Where Market Firms Will Locate Their Activities in Future?
  • Table 1: Survey of European Cities
  • Conclusion
  • Charts: London as an International Financial Centre

Chapter 2 (345k)
The Euro Markets

  1. Monetary Policy Operations of the Eurosystem
    • Eurosystem Operations during 1999
    • Chart A: Eurosystem Rates and EONIA
    • Chart B: Number of Counterparties and Average Amount Bid
    • Chart C: Reserves with the Eurosystem
    • Chart D: Use of the Eurosystem Standing Facilities
    • Development of the Eurosystem Operational Framework
    • Table 2: Eurosystem Monetary Policy Operations - Available and Used
    • Chart E: Total Bids and Allotmewnt Ratio
  2. Money Market
    • Unsecured Money Market
    • Secured Money Market
    • Box: Repo Definitions
    • Chart F: Italian and German GC Rates
    • Box: Exchange-traded Euro Derivatives
  3. Foreign Exchange Market
    • Chart G: The Euro Exchange Rate
    • Trading Volumes, Liquidity and Volatility
    • Chart H: Average daily E/$ Spot Foreign Exchange Volume
    • Chart I: Implied Volatility for E/$
    • Structural Changes in the Market
    • Table 3: Foreign Exchange Turnover and Cross Trades in EMU-11 Currencies in April 1998
  4. Debt Capital Markets
    • Government Issuance in the Euro Area
    • Trends in Non-government Euro-denominated Bond Issuance
    • Chart J: Non-government Euro-denominated Issuance by Issuer Type
    • Chart K: Non-government Euro-denominated Bond Issuance by Issue Size
    • Currency Competition in Non-domestic Currency Bond Issuance
    • Bond Benchmarks
    • Chart L: Currency Competition in Non-domestic Currency Bond Issuance by Non-governments
    • Table 4: Bond Yields Relative to Swaps and Current Benchmark Tranche Sizes for Various European Countries
    • Disintermediation in the Euro Area
    • Chart M: Sources of Bank Revenue in the Euro Area
    • The Euro Commercial Paper Market
    • Chart N: ECP Outstanding
    • The Corporate Bond Market
    • Changes in the Credit Composition of Issuance and the use of Ratings
    • Chart O: Corporate Euro-denominated Bond Issuance by Moody's Credit Rating
    • Fund Management Trends in Debt Markets
    • Table 5: Some Euro Area and Broader European Bond Indices
  5. Equity Capital Markets
    • Fund Management Trends in Equity Markets
    • Equity Benchmarks
    • Table 6: Some European Equity Market Indices
    • Box: The Development of Mutual Funds in Europe
    • Box: Euro Equities Trading on the London Stock Exchange

Chapter 3 (299k)
The Euro Infrastructure

  1. Payment Systems
    • Use of Different Payment Systems
    • Chart P: Cross-border Euro RTGS payments by Value
    • Chart Q: Relative Use of Euro Payment Systems by Value
    • Table 7: Use of Euro Payment Systems by Volume
    • Chart R: Use of Euro Payment Systems by Volume
    • Liquidity Management
    • Box: S.W.I.F.T. Messaages
    • Box: Scheduling Payments
    • Payment Information
    • Box: Enquiry Link
    • Box: Correspondent Accounts
    • Box: The MT103 Single Customer Credit Transfer
    • Future Development of Payment Systems
    • Box: RTGS and Liquidity Saving
    • Box: Continuous Linked Settlement
    • Cross-border Retail Traffic
  2. Trading, Clearing and Settlement Systems
    • Factors Driving the Changes
    • Responses by System Providers
    • Changes in Governance
    • Service Enhancements
    • Alliances - National and International
    • New Markets
    • Some Emerging Trends
    • Chart S: Possible Models for Cross-border Settlement
  3. Business Days
    • 31 December 1999 and 3 January 2000
    • Table 8: Business Days in 2000
    • Beyond 3 January 2000
  4. Legal Issues
    • ECB Legal Istruments
    • EBF Master Agreement
    • Redenomination of Share Capital

Chapter 4 (41k)
Use of the Euro in the UK Beyond the City

  • Overview
  • Monitoring by Bank Agents
  • Public Sector Monitoring
  • Private Sector Surveys
  • Table 9: Summary of KPMG's Euro Survey
  • Euro Retail Payment Volumes

Chapter 5 (190k)
Preparations for Possible UK Entry

  1. The Outline National Changeover Plan
    • The Changeover Project Structure
  2. Planning in the City
    • Possible Interconnections Between Wholsale Market and Retail Financial Preparations
    • Development of CHAPS
    • CRESTCo's Plans for the Changeover
    • Fund Management
    • Regulation
  3. The Changeover Experience in First-Wave Countries
    • Monetary Policy Operational Framework
    • Table 10: Eurosystem and Bank of England Monetary Policy Operations
    • Notes and Coin
  4. EMU Preparations in Denmark, Greece and Sweden
    • Overview
    • Denmark
    • Box: Denmark's Outline National Changeover Plan
    • Greece
    • Sweden

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