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The Eurocurrency Market IPB

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The Eurocurrency Market IPB Powered By Docstoc
					                                                      15/07/2010




         The Eurocurrency Market and 
             International Banking
             International Banking


                   Noer Azam Achsani



Moosa (2004)




         The Eurocurrency Market 
• The market is comprised of banks that accept 
  short term deposits and make short term loans in
  short‐term deposits and make short‐term loans in 
  currencies other than that of the country in 
  which they are located.

• Eurocurrency
   –   US dollar
   –   Euro
       E
   –   Japanese yen
   –   British pound
   –   Swiss franc

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              Eurocurrency Centres
Prerequisites
   –   Political stability
   –   Favourable environment for international finance
   –   Good telecommunications system
   –   Favourable time zone
   –   High quality of life

• Important centres
   – European centres: London, Luxembourg, Paris, Zurich and 
     Frankfurt
   – Centres outside developed countries: the Bahamas, Bahrain and 
     Hong Kong
   – North America and Japan: International Banking Facilities (IBFs) 
     and the Japan Offshore Market (JOM)

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             Evolution and Growth 
• The market started in the 1950s.
• In 1957, the Bank of England introduced tight 
  controls.
• In 1958, European currencies were made 
  convertible.
  The rise of oil prices in the 1970s
• The rise of oil prices in the 1970s
• Efficiency


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                                15/07/2010




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