A flexible medium-term debt instrument that is issued and traded outside of Canada and the United States and requires fixed dollar payments. EMTNs are issued directly to the market with maturities of less than five years and are offered continuously rather than all at once like a bond issue. |||EMTNs make it easier for issuers to enter into foreign markets for capital. With EMTNs, the issuer maintains a standardized document (known as a program) that can be transferred across all issues and has a great proportion of sales through a syndication of pre-selected buyers.
London Interbank Offer Rate denominated in euros. This is the interest rate that banks offer each other for large short-term loans in euros. The rate is fixed once a day by a small group of large London banks but fluctuates throughout the day. This market makes it easier for banks to maintain liquidity requirements because they are able to quickly borrow from other banks that have surpluses. |||The Euro LIBOR is based on the average lending rates of 16 banks. These bank rates are available to the public through the British Bankers' Association. Euro LIBOR exists mainly for continuity purposes in swap contracts dating back to pre-euro times and is not very commonly used.
An exchange-traded fund that invests in the euro currency, either directly or through the holding of euro-denominated short-term debt instruments. Euro ETFs are often set up as currency trusts or grantor trusts, meaning that stakeholders have a specific claim to a set amount of euros per share. Watch: Understanding ETF |||The euro is one of the most liquid currencies in the world, making ETFs an attractive option for investors who wish to gain from the currency’s appreciation without entering the futures or forex markets. Euro ETFs can also be shorted, as a bet that the euro will fall compared to the dollar. Euro ETFs do not have an underlying index to manage against; instead, they attempt to track as closely as possible the exchange rate between the euro and the U.S. dollar, minus expenses. Some of these funds are not eligible for the long-term capital gains tax rate of 15%, because a raw currency is essentially being held by the ETF shareholder. Most ETFs in this class will pay regular dividends equaling the local (euro-denominated) interest rate that is received on the short-term commercial-paper instruments or government bonds that are held in the fund.
A group of European countries that participates in the world economy as one economic unit and operates under one official currency, the euro. The EU's goal is to create a barrier-free trade zone and to enhance economic wealth by creating more efficiency within its marketplace. |||The current formalized incarnation of the European Union was created in 1993 with 12 initial members. Since then, many additional countries have since joined. The EU has become one of the largest producers in the world, in terms of GDP, and the euro has maintained a competitive value against the U.S. dollar.EU and non-EU members must agree to many legal requirements in order to trade with the EU member states.
A foreign exchange quoting convention where the domestic currency is quoted in terms of a foreign currency. In other words, it is the amount of foreign currency that one unit of the domestic currency can buy. |||For example, assume there is a bid quote of EUR 1.3446/USD, and an ask quote of EUR 1.3448/USD. From the United States perspective, these quotes are given in European terms. Although the bid and ask quotes given here are in European terms, the bid and ask quotes in American terms will be reversed.
A 1979 arrangement between several European countries which links their currencies in an attempt to stabilize the exchange rate. This system was succeeded by the European Monetary Union (EMU), an institution of the European Union (EU), which established a common currency called the euro. |||The European Monetary System originated in an attempt to stabilize inflation and stop large exchange-rate fluctuations between European countries. Then, in June 1998, the European Central Bank was established and, in January 1999, a unified currency, the euro, was born and came to be used by most EU member countries.
An indirect quotation in the foreign exchange markets whereby the value of a foreign currency is stated as a per-unit measure of the U.S. dollar. This type of quotation shows how much foreign currency it takes to purchase one U.S. dollar. |||For example, a European currency quote would be C$1.24 per US$1. This explains that it will take 1.24 Canadian dollars to purchase a single unit of U.S. currency. If you wanted to purchase US$1,000 it would cost C$1,240.
The central bank responsible for the monetary system of the European Union (EU) and the euro currency. The bank was formed in Germany in June 1998 and works with the other national banks of each of the EU members to formulate monetary policy that helps maintain price stability in the European Union. |||The European Central Bank has been responsible for the monetary policy of the European Union since January 1, 1999, when the euro currency was adopted by the EU members. The responsibilities of the ECB are to formulate monetary policy, conduct foreign exchange, hold currency reserves and authorize the issuance of bank notes, among many other things.
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