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Practical Issues Arising from the Introduction of the Euro

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Practical Issues Arising from the Introduction of the Euro Practical Issues Arising from the Introduction of the Euro 12 business days to go before January 1999 Issue No 10 14 December 1998 Practical Issues Arising from the Introduction of the Euro PRACTICAL ISSUES ARISING FROM THE ISSUE NO 10 INTRODUCTION OF THE EURO 14 DECEMBER 1998 INTRODUCTION 7 Charts on London as an international financial centre 8 CHAPTER 1: THE CONVERSION WEEKEND 10 A BRIEF OVERVIEW 10 B TIMETABLE 11 Euro conversion rates 11 Table 1: ERM bilateral central rates to be used in determining the 11 irrevocable conversion rates for the euro Payment and securities settlement systems, and exchanges, on 12 31 December Table 2: Payment and securities settlement systems, and exchanges, on 12 31 December Securities to be redenominated over the conversion weekend 12 Table 3: Information on redenominating securities 13 Timetable during the conversion weekend 16 Chart A: Timetable for the conversion weekend 14 Chart B: Timetable for a major market firm over the conversion weekend 15 Monitoring progress before and during the conversion weekend 16 Box: Euroclear: conversion weekend progress monitoring 16 Box: Website information on progress over the conversion weekend 17 Box: Contact points with information providers 17 C BEST PRACTICE 18 Commercial banking activities over the conversion weekend 18 Conversion of securities balances and transactions over the 19 conversion weekend Standard practice for global custodians over the conversion weekend 20 Fund managers’ relations with brokers and custodians over the 21 conversion weekend Euro cent amounts, fractions and unmarketable units 23 Client money 23 D CONTINGENCY PLANNING 24 Practical steps for minimising the risk of disruption over the 24 conversion weekend Testing and trialling for the conversion weekend 25 Contingency planning and the role of the authorities 27 Box: Conversion weekend: how to contact the UK authorities 30 Transport and infrastructure over the conversion weekend 32 CHAPTER 2: THE EURO MARKETS 34 A MONETARY POLICY 34 Monetary policy strategy 34 Monetary policy operations 34 Chart C: Euro short-term interest rates illustrated 35 B MONEY AND FOREIGN EXCHANGE MARKETS 36 Money and foreign exchange transactions 36 Foreign exchange quotations 37 Successor price sources 37 Box: Euro LIBOR and EURIBOR 37 Box: The calculation of EURIBOR 38 Table 4: Overview of price sponsors’ plans 40 Conversion of repos 39 C BOND MARKETS 43 Conventions in the euro bond markets 43 Table 5: Sovereign credit rating of governments in the euro area 43 Table 6: Some euro area and broader European bond indices 44 Box: Recommended fixed rate bond conventions 46 Bond redenomination and reconventioning 47 Box: Worked examples of security redenomination 47 Table 7: Redenomination plans of EU Member States joining EMU on 50 1 January 1999 Table 8: Conventioning intentions of EU Member States joining EMU on 52 1 January 1999 Table 9: Non-government bonds in the euro area: redenomination and 53 conventioning D EQUITY MARKETS 54 Equity trading 54 UK legislation on share capital redenomination 54 Collective investment schemes 58 Equity indices 58 Table 10: Some euro area and broader European equity indices 56 E DERIVATIVES MARKETS 59 OTC derivatives 59 Exchange-traded derivatives: LIFFE 60 London Clearing House 63 Exchange-traded derivatives: the euro area 64 Table 11: Conversion plans for exchange-traded derivatives in the euro area 64 F INSURANCE MARKET 65 CHAPTER 3: THE FINANCIAL INFRASTRUCTURE 66 A PAYMENT AND SETTLEMENT SYSTEMS 66 CHAPS euro 66 Chart D: CHAPS euro payment flows 67 CMO, CGO and CREST 70 Table 12: Timetable of daily euro events in RTGS: CHAPS euro and 71 TARGET, and UK euro securities settlement systems TARGET 72 EBA Clearing 74 Chart E: EBA settlement process 74 Chart F: EBA multilateral limits 75 S.W.I.F.T. 76 Securities settlement systems eligible for use in ECSB credit operations 77 Operating hours of securities settlement systems 78 Table 13: Operating hours of EU securities settlement systems 78 ECSDA 79 B PAYMENT CONVENTIONS 79 Routing of euro payments 79 Box: Cross-border payments before and after EMU 81 Standard settlement instructions and nostro accounts 80 Euro interbank compensation guidelines 85 C BUSINESS DAYS 85 Payment and securities settlement systems 86 Organised markets 86 Table 14: Latest information on business days in 1999 87 D FINANCIAL INFORMATION 88 Information providers’ euro services 88 Historic data 88 Table 15: Summary of information providers’ services 89 Table 16: Presentation by information providers of historic data 92 Performance measurement 95 Box: A contribution from Bloomberg on performance measurement 95 E LEGAL, ACCOUNTING AND TAX 100 The euro Regulations 100 Third country legislation 101 Impact of the euro Regulations on payments due on or after 101 1 January 1999 Standard legal agreements in the London market 103 Syndicated loan documentation 104 Conversion and triangulation 105 Chart G: Conversion between national denominations of the euro and 106 with other currencies Accounting 107 Tax 108 Box: Guidance from the Inland Revenue on some administrative issues 110 arising as a result of the single currency ABBREVIATIONS AND ACRONYMS 111 INTERNET ADDRESSES FOR INFORMATION ON THE EURO 115 Cartoons by Basil Hone ABBREVIATIONS AND ACRONYMS ABBL . .Association of Banks and Bankers in Luxembourg AEX . .Amsterdam Exchanges APACS . .Association for Payment Clearing Services APK/OM . .Suomen Arvopaperikeskus Oy (Finnish securities settlement system - equities) APK/RM . .Suomen Arvopaperikeskus Oy (Finnish securities settlement system - fixed interest) AUTIF . .Association of Unit Trusts and Investment Funds BACS . .Bulk Automated Clearing System BBA . .British Bankers’ Association BICs . .Bank Identifier Codes Bobl . .Bundesobligationen BOGS . .Bank of Greece Securities Settlement System BOT . .Buoni Ordinari del Tesoro BTAN . .Bons du Trésor à Taux Fixe et Intérêts Annuels BTF . .Bons du Trésor à Taux Fixe et Intérêts Précomptés BTP . .Buoni del Tesoro Poliennali CAC . .Compagnie des Agents de Change CADE . .Central de Anotaciones de Deuda Española (Spanish securities settlement system) CADES . .Caisse d’Amortissement de la Debtte Sociale CAT . .Conti Accentrati in Titoli (Italian securities settlement system) CBISSO . .Central Bank of Ireland Securities Settlement Office CBOT . .Chicago Board of Trade CCBM . .Correspondent Central Banking Model CCT . .Certificati di Credito del Tesoro CD . .Certificate of Deposit CET . .Central European Time CFCs . .Controlled Foreign Companies CGO . .Central Gilts Office CHAPS . .Clearing House Automated Payment System CHIPS . .Clearing House Interbank Payments System (New York) CIK . .Caisse Interprofessionelle de Dépôts et de Virements de Titres . .(Belgian securities settlement system) CME . .Chicago Mercantile Exchange CMO . .Central Moneymarkets Office CONSOB . .Commissione Nazionale per le Società e la Borsa CPS . .Central Processing System CSDs . .Central Securities Depositories CTZ . .Certificati del Tesoro (zero-coupon Italian bonds) DAX . .Deutsche Aktien (Frankfurt index) DBC . .Deutsche Börse Clearing AG (German securities settlement system) DbV . .Delivery by Value DOL . .Daily Official List DTB . .Deutsche Terminbörse DTI . .Department of Trade and Industry DvP . .Delivery versus Payment EAF . .Electronische Abrechnung Frankfurt (net settlement system) EBA . .Euro Banking Association EBF . .European Banking Federation ECB . .European Central Bank ECOFIN . .Council of Economic and Finance Ministers of the European Union ECSDA . .European Central Securities Depositories Association 111 ECU . .European Currency Unit EDSP . .Exchange Delivery Settlement Price EEA . .European Economic Area EFFAS . .European Federation of Financial Analysts’ Societies ELS . .Euro Link System (German RTGS system) EMI . .European Monetary Institute EMU . .Economic and Monetary Union EONIA . .Euro Overnight Index Average ERA . .European Repurchase Agreement ERI . .Euro-Related Information ERM . .Exchange Rate Mechanism ESCB . .European System of Central Banks ESPACLEAR . .Sistema de Compensación de Activos Financieros S.A. (Spanish securities settlement system) ETC . .Electronic Trading Confirmation EUR . .Currency code for the euro EURIBOR . .Euro Interbank Offered Rate Euro LIBOR . .Euro London Interbank Offered Rate EURONIA . .Euro Overnight Index Average EUROSTAT . .Statistical Office of the European Communities FEOMA . .Foreign Exchange and Options Master Agreement FIA . .Futures Industry Association FINEX . .Financial Futures and Options arm of the New York Cotton Exchange FIONA . .Frankfurt Interbank Overnight Rate FISD . .Financial Information Services Division (Information Industry Association - IIA) FMLG . .Financial Markets Lawyers Group FRAs . .Forward Rate Agreements FRNs . .Floating Rate Notes FSA . .Financial Services Authority FT/S&P–AWI . .Financial Times/Standard and Poors’ – Actuaries World Indices FTSE . .Financial Times Stock Exchange (indices) GDRs . .Global Depository Receipts GMRA . .Global Master Repurchase Agreement HICP . .Harmonised Index of Consumer Prices IBDE . .Interbank Data Exchange ICOM . .International Currency Options Master Agreement ICSDs . .International Central Securities Depositories (Euroclear and Cedelbank) ICTA . .Income and Corporation Taxes Act 1988 IFEMA . .International Foreign Exchange Master Agreement IFMA . .Institutional Fund Managers’ Association ILU . .Institute of London Underwriters IMRO . .Investment Management Regulatory Organisation INTERBOLSA .Associão pura
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