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Euro

• A single currency adopted on January 1, 1999, by 12 of the 15 EU nations, who switched to a single set of euro bills and coins on January 1, 2002.

 
 Embedded terms in definition
 Currency
 
 Referenced Terms
 Blind broker: A broker who acts as principal and does not give up names to either side of a brokered trade. Blind brokering of securities is common, whereas blind brokering of Fed funds and Euro time deposits would be infeasible.

 Chips: Is the Clearing House Interbank Payments System.The New York Clearing House's computerized Clearing House Interbank Payments System. Most Euro transactions are cleared and settled through CHIPS rather than over the Fed wire.

 Euro cds: CDs issued by a U.S. bank branch or foreign bank located outside the U.S. Almost all Euro CDs are issued in London.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 cds: CDs issued by a U.S. bank branch or foreign bank located outside the U.S. Almost all Euro CDs are issued in London.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 feds: Eurodollars transmitted over the Fed wire instead of through CHIPS. Normally Euro Feds move from a foreign branch of one U.S. bank to a foreign branch of another U.S. bank, for example, from Citi Nassau to Morgan London. Foreign banks use CHIPS, not the Fed wire, to pay and receive Euros because they may not run daylight overdrafts at the Fed.

 
 Related Terms
 Euro cds
Euro commercial paper
Euro feds
Euro lines
Euro medium term note
Euro mtns
Euro note
Euro or euro currency unit
Euro straight

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