European fixed income markets by Jonathan A. Batten, Thomas A. Fetherston, Peter G. Szilagyi

By Jonathan A. Batten, Thomas A. Fetherston, Peter G. Szilagyi

This ebook deals a transparent, insightful point of view at the post-euro fixed-income markets of Europe. The advent of the euro in 1999 forged a brand new specialise in the monetary markets of constituent euro-zone nations that have therefore noticeable their household markets turn out to be the second one greatest bond industry on this planet after the United States, with bonds being an important asset-class-rivalling equities. Such serious dimension and significance effects from the harmonization of macro-economic pursuits, and has significantly broadened the scope of person nationwide debt markets.

the fundamental features and institutional info of the fixed-income markets of euro-zone international locations in addition to their person fixed-income marketplace are brought and mentioned by means of 26 favorite foreign teachers and industry practitioners. Their targeted and specific nation analyses of either the euro and non-euro eu international locations will upload measurably to an figuring out of those markets.

there was a paucity of volumes with broad insurance of the fixed-income markets of the euro sector because the inception of the euro, and this ebook goals to partly fill that void.

The ebook should be of curiosity to institutional traders, bankers, company treasurers, and so forth.

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First, business could shift between market places almost instantaneously in an electronic environment. Second, the technology advances in screen-based trading platforms in the latter part of the nineties was quite dramatic. The idea that open outcry was the fairest and most efficient way of executing business was shown to be an outdated one. Finally, there was the issue of cost. Efficient screen trading was proving to be the much cheaper alternative for many reasons. EUREX is only one serious competitor to LIFFE in the area of bond and short term interest rate futures and options trading in Europe.

Interest rate futures have not yet been introduced. Polish Financial Exchange (PFE) offers electronic brokerage services for futures transactions as well as executes spot market trading operations on Treasury bills and bonds, and repo and reverse repo transactions. ETSM is a wholesale electronic trading platform for bulk transactions. Chapter 20 on Portugal (Szilagyi) asserts that the Portuguese ratio of government debt to GDP is relatively low compared with other markets within the Euro area, which explains the small Introduction to the Volume 23 size of the Portuguese bond market.

Finally, there was the issue of cost. Efficient screen trading was proving to be the much cheaper alternative for many reasons. EUREX is only one serious competitor to LIFFE in the area of bond and short term interest rate futures and options trading in Europe. This German–Swiss joint venture came about Introduction to the Volume 13 through the merger of the DTB Deutsche Terminb¨orse, the German Options and Futures Exchange, and SOFFEX, the Swiss Options and Financial Futures Exchange, in 1998. Today it trades a wide range of bond and money market derivative products.

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