By Edna Carew
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Under the new system most currencies were tied to the $US (some, such as the Australian currency, were tied to sterling) and the $US was in turn tied to gold. BROKEN DATE 39 The objectives of the Bretton Woods conference were to establish an international monetary system with stable exchange rates, to eliminate exchange controls and to bring about the convertibility of all currencies. Exchange-rate fluctuations were to be held to a narrow band around parity and no change in parity was to take place without IMF approval.
The authorised dealers were established in 1959-60 primarily to stimulate trading in government securities and to provide safe investment opportunities for ultra short-term (overnight) cash that would otherwise lie idle in a bank account (banks at that time could not pay interest on such short-term balances). The dealers went on to play a key role as a conduit for the Reserve Bank's monetary policy and liquidity management operations. However, in 1995, in line with a proposed overhaul of the payments and settlements system, the Reserve Bank announced that the dealers would be phased out, with their role as counterparties for the Reserve Bank in its market operations being taken over by the banks.
Abbrev. ATM. See EFTPOS, electronic funds transfer, personal identification number. average price/rate option an option whose settlement value is based on the difference between the strike and average price or rate of the underlying instrument on specified dates during the life of the option or some other nominated period which would also end AVERAGE WEEKLY ORDINARY-TIME EARNINGS 20 with expiration of the option. Its premium is generally lower because the averaging process reduces volatility. Its theoretical value is also less than that of a corresponding conventional option.