Eurosecurities markets
in The UK financial system (fifth edition)
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Three main areas of international financial activity can be distinguished: banking, bonds and similar types of securities, and equities. This chapter examines the eurosecurities markets which have developed out of the eurocurrency markets and then discusses some of the wider developments in international financing. The eurosecurities markets considered in the chapter are those of eurobonds, euronotes and euro-equities. These markets have been the subject of a great deal of financial innovation over the past 30 years. Two types of money market instruments are highlighted in the chapter: note issuance facilities and eurocommercial paper. The chapter also considers the role of swaps before a review of disintermediation. This process describes how changes in the financial environment and the changing preferences of borrowers and international banks have led to direct financing through greater use of the international capital markets.


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