Business / Finance Glossary

Euro: The European derivatives exchange formed in 1998 by a merger of the Deutsche Terminbörse (DTB) and the Swiss Options and Financial Futures Exchange (SOFFEX).

Euro Cds: Originally for a deposit outside one's home country but in the home country currency. This terminology is confusing now since the new European currency unit, also called the Euro, was introd . . . View Full Definition

Euro Lines: CDs issued by a U.S. bank branch or foreign bank located outside the U.S. Almost all Euro CDs are issued in London.

Euro Straight: Lines of credit granted by banks (foreign or foreign branches of U.S. banks) for Eurocurrencies.

Euro-Commercial Paper: One of two principal clearing systems in the Eurobond market. It began operations in 1968, is located in Brussels, and is managed by Morgan Guaranty Bank. Applies mainly to international equ . . . View Full Definition

Euro-Medium Term Note (Euro-MTN): Securities sold in the Euromarket. That is, securities initially sold to investors simultaneously in several national markets by an international syndicate. Related: External market.

Euro-Note: A nonunderwritten Euronote issued directly to the market. Euro-MTNs are offered continuously rather than all at once as a bond issue is. Most Euro-MTN maturities are under five years.

Euro.NM: A fixed-rate coupon Eurobond.

Eurobank: Created on March 1, 1996, Euro.NM is a pan-European network of regulated markets dedicated to growth companies, regardless of their sector of activity or country of origin. Euro.NM member ex . . . View Full Definition

Eurobond: A bank that regularly accepts foreign currency-denominated deposits and makes foreign currency loans.

Euroclear: A bond that is (1) underwritten by an international syndicate, (2) issued simultaneously to investors in a number of countries, and (3) issued outside the jurisdiction of any single country.

Eurocredits: Short-term notes with maturities up to 360 days that are issued by companies in international money markets.

Eurocurrency: Intermediate-term loans of Eurocurrencies made by banking syndicates to corporate and government borrowers.

Eurocurrency Deposit: Instrument issued outside your country, but denominated in your currency. A Eurodollar is a Certificate of Deposit in U.S. dollars in some other country (though mainly traded in London). A E . . . View Full Definition

Eurocurrency Market: A short-term fixed-rate time deposit denominated in a currency other than the local currency (i.e., U.S. dollars deposited in a London bank).

Eurodollar: The money market for borrowing and lending currencies that are held in the form of deposits in banks located outside the countries where the currencies are issued as legal tender.

Eurodollar Bonds: Refers to a certificate of deposit in U.S. dollars in a bank that is not located in the U.S. Most of the Eurodollar deposits are in London banks, but Eurodeposits may be anywhere other than . . . View Full Definition

Eurodollar Certificate Of Deposit: Eurobonds denominated in U.S.dollars.

Euroequity Issues: A certificate of deposit paying interest and principal in dollars, but issued by a bank outside the United States, usually in Europe.

Europea, Australia, And Far East Index (EAFE Index): Short- to medium-term debt instrument sold in the Eurocurrency market.

European Association Of Securities Dealers Automated Quotation (EASDAQ): Stock index, computed by Morgan Stanley Capital International.

European Central Bank (ECB): European equivalent of NASDAQS.

European Currency Unit (ECU): Bank created to monitor the monetary policy of the 11 countries that have converted to the Euro from their local currencies. The 11 countries are: Austria, Belgium, Finland, France, Germany, . . . View Full Definition

European Monetary System (EMS): An index of foreign exchange consisting of European currencies, originally devised in 1979. See also: Euro.

European Option: An exchange arrangement formed in 1979 that governs the currencies of European Union member countries.

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