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Essay / Research Paper Abstract
This 5 page paper considers the impact of the transition to a single European currency on European corporate bond markets. Issues discussed include the reduction of barriers, increased transparency and the way the market is changing. The bibliography cites 5 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TEbondmk.rtf
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Unformatted sample text from the term paper:
years, with a wealth of benefits for the consumers, investors and bankers in Europe, the final days of the approach and then implementation appeared to pass very quickly, with little
time for the passing of the phenomena that was projected. It is in the days before that we saw the expectation, and now, in the aftermath, that we will see
the realisation and be able to match the reality with the rhetoric. However, in some markets, there has been a longer run in than in others, with increased activity and
awareness. One of these markets was the European Corporate Bond market. The change from a range of currencies over Europe to a single currency in the Eurozone may be
seen as one of the most revolutionary changes in banking that has occurred. This has meant that some of the traditional areas of banking are about to virtually disappear, with
the removal of the exchange rate fluctuations and the resulting transactions of international companies. In the run up to the single currency there had been pegged exchange rates, and
as such the fluctuations had been removed, but the transactions had remained. Now there is no need for these transactions, and they have found their margins from intentional trading have
been drastically reduced with the lack of need for hedging and the increased stability that trading between the different countries now brings (Anonymous, 2002). However, where there is increased
stability one market may fall away, but others may be seen to increase by becoming more attractive (Anonymous, 2002). However, the decline was gradual, and nor sudden, and as such
there was not a single immediate shock. Whilst this was occurring there was also an increasing realisation that on other markets, such as corporate bonds, there was going to be
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