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Gold/Mining/Energy : Euro Impact on Gold, USD ... -- Ignore unavailable to you. Want to Upgrade?

To: banco$ who wrote (72)	11/18/1998 11:18:00 PM
From: banco$	Respond to of 289

Another problem for the financial industry is "EUR" as the euro currency designation, replacing various domestic currencies and causing confusion with an existing clearance and settlement system known as Euroclear. There is definitely the potential to misdirect trading with respect to Euroclear. What if some of the annual $35 trillion (USD) in Euroclear transactions, designated for that settlement system or location, is sent to domestic markets instead? How about domestic transactions with "EUR" currency designations being mistaken for Euroclear? euroclear.com "The Euroclear System is the world's largest clearance and settlement system for internationally traded securities. Sophisticated securities industry professionals, such as broker/dealers, commercial and central banks, investment managers, custodians, and supranationals -- from more than 80 countries -- settle their trades through the Euroclear System." (euroclear.com) Thanks to GPM post #23108 for the Euroclear reminder.

To: banco$ who wrote (72)	12/7/1998 10:41:00 PM
From: banco$	Respond to of 289

"US firms upbeat about the euro" December 1998, Harris Research To assess how well US companies are prepared for the advent of Economic and Monetary Union (EMU) in Europe, Harris Research conducted a recent survey on behalf of KPMG. The results show that US corporations, like their European counterparts, see EMU transition as a priority issue. A vast majority of the 193 US companies polled have made measurable progress in reviewing and addressing EMU issues. However, the research also revealed significant weaknesses on a number of fronts: at the planning level, where resources and budget needs have not been clearly assessed; at the execution level, where plans are implemented slowly; and even more importantly, at the strategic level. US enterprises are reacting with defensive strategies that fail to recognise the impact EMU will have on their business, and overlook both the challenges and the opportunities. There is no doubt that US companies with significant business in Europe are getting ready for the transition to EMU, but these efforts remain fragmented, purely technical and are not focused on in a global strategic perspective. US corporations need to take a closer look at how EMU impacts on their core business strategies or they could lose competitive standing and miss some major opportunities in the marketplace. Methodology The fieldwork was conducted by Harris Research – a premier UK-based business and political research firm – during March and April 1998. Chief Financial Officers and IT executives from 193 US companies were interviewed by phone. US companies' preparedness for the Economic and Monetary Union in Europe (160KB) is available for download in Adobe Acrobat .pdf format. European companies face EMU threat from US When the US research results are compared with KPMG's annual survey of EMU readiness among European companies, it was found that the US is ahead in a number of key areas, including readiness for pricing issues and company location. The survey demonstrates that, while not yet entirely ready for EMU, US companies are likely to pose a serious threat to their European counterparts as the effects of the single currency take hold. The US advantage Commenting on the results, Vicky Pryce, KPMG Management Consulting chief economist, said: "This survey demonstrates that, in some of the most essential areas, US companies are ahead of, or level with, European organisations. Almost half of the US respondents believed EMU would make intra-European trade easier – a view shared by only a quarter of European respondents. Ironically, European companies that are not prepared even for increased competition within the EU once EMU starts are now facing additional threats from the US. They must act quickly to get ahead or risk losing ground." Vicky Pryce continues: "US companies are, to some extent, in a more favourable position than European competitors because they can take advantage of the simplicity of a single European currency without having to convert existing systems and operations. However, many US companies in our survey have compounded this natural advantage by making more strides towards early preparedness than we have seen in Europe so far. The second annual survey by KPMG Management Consulting of the preparedness of European business for Economic and Monetary Union. Fieldwork was conducted by the Harris Research Centre among companies employing more than 5,000 people and with a European headquarters in a member state of the EU. More than 300 companies participated, the eligible respondent being the person responsible for European finance. For more details on the comparison between the preparedness of US against European companies, contact Russell Fox at KPMG Management Consulting at russell.fox@kpmg.co.uk Note to users: All information provided is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the facts of the particular situation. kpmg.net

To: banco$ who wrote (72)	12/14/1998 8:32:00 PM
From: banco$	Read Replies (3) \| Respond to of 289

Monitoring procedure of the ESCB during the changeover weekend: Frankfurt, 11 December 1998 On 3 November 1998 the European Central Bank (ECB) announced some decisions concerning the arrangements for the monitoring, in co-operation with the national central banks and some central banks outside the European Union, of the "changeover weekend". The changeover weekend is the period between the announcement of the conversion rates of the euro vis-à-vis the national currencies of the participating Member States, early in the afternoon of 31 December 1998, and the opening of financial markets in euro early in the morning of 4 January 1999. A large part of the final conversion operations for the transition of the banking and financial system to the euro will be concentrated over these few days. The ECB herewith continues to report on the latest developments of this work, conducted with the assistance of the Changeover Weekend Committee, that comprises experts from the ECB and the national central banks of the participating countries. The European System of Central Banks (ESCB) will monitor in particular the conversion of information technology systems, software, databases and other electronic records, especially inasmuch as they may have a bearing on the smooth launch of the single monetary policy. The monitoring procedure is designed to detect at the earliest possible stage problems that may arise. If needed, the decision-making bodies of the ECB stand ready to take contingency measures. The monitoring procedure will consist of two key components: For the Eurosystem, (the ECB and the 11 national central banks) crucial points of the transition to the single currency (called "milestones"), the timely occurrence of which will be instrumental in implementing the full infrastructure of the ESCB on 4 January 1999, have been defined by the Changeover Weekend Committee. Such milestones will be monitored collectively. Intense testing of these crucial activities has been conducted during the past few months. For the banking and financial sector, the Changeover Weekend Committee has given priority to a core group of institutions (payment and settlement systems, securities custodians and data providers), the smooth transition of which is a condition for the correct functioning of markets in euro and for monetary policy. The exact definition in each euro area Member State of this core group has been left to the national central banks. The role of the national central banks will be to : Ensure the direct monitoring of all financial institutions defined as belonging to the core infrastructure of the respective financial market; Maintain particular vigilance with regard to national and international central securities depositories, global custodians and credit institutions acting as major correspondent banks in the euro area, located in their respective territories; and Act as the contact point for such institutions, undertaking any action at the national level they may consider necessary, and proposing contingency measures at the European level, if and when necessary. The national central banks have set up ad hoc arrangements with their respective national banking supervisory authorities and have been invited to consider appropriate links with other supervisory bodies. The specific role of the European Central Bank will be to: Organise the joint monitoring procedure across the euro area; Gather information from and disseminate it to the national central banks; Ensure the direct monitoring of the transition to the euro of a limited number of financial institutions of interest at the global and/or European level: the Euro Banking Association (Paris), S.W.I.F.T. (Brussels), Echo (London) and some major news agencies providing data to the financial industry; and Keep informed its own decision-making bodies and providing any assistance which may be required to implement, if the need arose, the required contingency measures. In addition, the ECB has established ad hoc contacts with the national central banks of the four non-participating countries, the other central banks of the G-10 countries and the Commission of the European Communities. Through this network of contacts, the Governing Council of the ECB intends "to orchestrate the necessary policy responses to any unexpected events which may occur in the banking and financial industry during the changeover weekend", as announced in the ECB's press release of 3 November 1998. Communication points for the collection and exchange of relevant information will operate at the ECB and at the national central banks from 9 a.m. to 8 p.m. every day during the changeover weekend. Each financial institution involved in the changeover process is expected to report to the relevant institution, according to the allocation of roles mentioned above. European Central Bank Press Division Kaiserstrasse 29, D-60311 Frankfurt am Main Tel.: 0049 69 1344 7455, Fax: 0049 69 1344 7404 Internet: ecb.int Reproduction is permitted provided that the source is acknowledged ECB - European Central Bank