497:
146:, an English limited liability company registered in London in 1919, whose shares were owned by the Soviet Union. The English bank would then re-deposit the dollars into U.S. banks. Thus although in reality the dollars never left North America, there would be no chance of the U.S. confiscating that money, because now it belonged legally to the British bank and not directly to the Soviets, the
55:. Consequently, such deposits are subject to much less regulation than deposits within the U.S. The term was originally applied to U.S. dollar accounts held in banks situated in Europe, but it expanded over the years to cover US dollar accounts held anywhere outside the U.S. Thus, a U.S. dollar-denominated deposit in Tokyo or Beijing would likewise be deemed a Eurodollar deposit (sometimes an
314:
quickly became one of the most active on the trading floor, with over 1500 traders and clerks coming to work every day on what was then known as the CME's upper trading floor. That floor is no longer, with the CME having moved over to the CBOT's trading floor and 98% of
Eurodollar trading now done electronically.
185:
Being a riskier asset than dollars held directly in U.S. bank accounts, Eurodollars demand in compensation a higher interest rate. U.S. banks, which hold required reserve accounts at the U.S. Federal
Reserve, can receive unlimited financial support from the Fed if necessary, and are thus unlikely to
458:
40 quarterly expirations and 4 serial expirations are listed in the
Eurodollar contract. This means that on 1 January 2011, the exchange will list 40 quarterly expirations (March, June, September, December for 2011 through 2020), the exchange will also list another four serial (monthly) expirations
181:
In the mid-1950s, Eurodollar trading and its development into a dominant world currency began when the Soviet Union wanted better interest rates on their
Eurodollars and convinced an Italian banking cartel to give them more interest than could have been earned if the dollars were deposited in the
313:
The
Eurodollar futures contract was launched in 1981, as the first cash-settled futures contract. People reportedly camped out the night before the contract's open, flooding the pit when the CME opened the doors. That trading pit was the largest pit ever, nearly the size of a football field, and
189:
By the end of 1970, 385 billion eurodollars were held in offshore bank accounts. These deposits were lent on as U.S. dollar loans to businesses in other countries where interest rates on loans were perhaps much higher in the local currency, and where the businesses were exporting to the U.S. and
543:, or alternately they may be used for bank funding by transferring to an offshore branch of a bank. Today, commercial banks continue to offer many forms of sweep services which tend to give a higher rate of return whilst smaller entities may use a sweep account simply out of convenience.
436:
per 0.01% change in interest rate no matter what the interest rate environment, which means it does not have convexity. This is one reason that
Eurodollar futures are not a perfect proxy for expected interest rates. This difference can be adjusted for by reference to the
539:. To accommodate larger businesses, banks may automatically transfer, or sweep, funds from a corporation's checking account into an overnight investment option to effectively earn interest on those funds. Banks usually allow these funds to be swept either into
256:
interest rate. Eurodollar futures are a way for companies and banks to lock in an interest rate today, for money they intend to borrow or lend in the future. Each CME Eurodollar futures contract has a notional or "face value" of $ 1 million, though the
228:
Since the
Eurodollar market is not run by any government agency its growth is hard to estimate. However, the Eurodollar market is by a wide margin the largest source of global finance. In 1997, nearly 90% of all international loans were made this way.
120:, also had deposits in U.S. dollars in American banks, evidenced by certificates of deposit. Various narrations are given of the creation of the first eurodollar account, but most trace back to Communist governments keeping dollar deposits abroad.
182:
U.S. The
Italian bankers then had to find customers ready to borrow the Soviet dollars and pay above the U.S. legal interest-rate caps for their use, and were able to do so; thus, Eurodollars began to be used increasingly in global finance.
444:
In an actual loan, the lender takes credit risk to a borrower. In
Eurodollar futures, the principal of the loan is never disbursed, so the credit risk is only on the margin account balance. Moreover, even that risk is the risk of the
482:
market and the
Eurodollar contract. CME Eurodollar futures can be traded by implementing a spread strategy among multiple contracts to take advantage of movements in the forward curve for future pricing of interest rates.
252:(CME). More specifically, Eurodollar futures contracts are derivatives on the interest rate paid on those deposits. A Eurodollar future is a cash settled futures contract whose price moves in response to the
900:
142:, as the Soviet Union feared that its deposits in North American banks would be frozen as a sanction. It therefore decided to move some of its U.S. dollars held directly in North American banks to the
128:
1254:
186:
become bankrupt. Thus, U.S. dollar deposits in U.S. banks are inherently less risky than Eurodollar deposits in banks which have no possibility of financial support from the Fed.
840:
298:
if at the close of business on that day, the contract price has risen to 95.01 (implying a LIBOR decrease to 4.99%), US$ 25 will be bought from the investor's margin account; or
330:
for three months starting on the contract settlement date. Buying the contract is equivalent to lending money, and selling the contract short is equivalent to borrowing money.
718:
301:
if at the close of business on that day, the contract price has fallen to 94.99 (implying a LIBOR increase to 5.01%), US$ 25 will be sold from the investor's margin account.
150:. Accordingly, on 28 February 1957, the sum of $ 800,000 was duly transferred, creating the first eurodollars. Initially dubbed "Eurobank dollars" after the bank's
124:
116:
As a result, large amounts of U.S. dollar banknotes were in the custody of foreign banks outside the United States. Some foreign countries, including the
557:
368:
On the other hand, if the following day, the investor is able to lend money from the same start date only at 4.99%, he or she would be able to earn only
463:. The front-month contracts are among the most liquid futures contracts in the world, with liquidity decreasing for the further out contracts. Total
282:. A price of 95.00 implies an interest rate of 100.00 - 95.00, or 5%. The settlement price of a contract is defined to be 100.00 minus the official
864:
305:
On the settlement date, the settlement price is determined by the actual LIBOR fixing for that day rather than a market-determined contract price.
337:
on a particular date for three months at 5.00% per annum (months are calculated on a 30/360 basis). Interest received in 3 months' time would be
459:(January, February, April, May 2011). This extends tradeable contracts over ten years, which provides an excellent picture of the shape of the
814:
756:
Schenk, p.223 "the supply of Eurodollar facilities is interpreted as a response to a demand for a new way to accommodate US$ surpluses"
1409:
1622:
1525:
789:
667:
636:
726:
219:
Eurodollar deposits were a cheaper source of funds because they were free of reserve requirements and deposit insurance assessments
1264:
980:
294:
For example, if on a particular day an investor buys a single three-month contract at 95.00 (implied settlement LIBOR of 5.00%):
236:
Guaranty bank to have a net size of 1.668 trillion. In 2016, the Eurodollar market size was estimated at around 13.833 trillion.
216:
Regulation Q, the U.S. Federal Reserve's ceiling on interest payable on domestic deposits during the high inflation of the 1970s
283:
1617:
349:
If the following day, the investor is able to lend money from the same start date at 5.01%, he or she would be able to earn
272:
134:
In another version, the first eurodollar account was created by an English bank in favour of the Soviet Union during the
1224:
888:
528:
139:
1319:
1189:
249:
143:
919:
388:
This demonstrates the similarity. However, the contract is also different from a loan in several important respects:
74:
prefix can be used to indicate any currency held in a country where it is not the official currency, broadly termed "
1194:
1125:
944:
1324:
1204:
1219:
1055:
747:
William Brittain-Catlin: Offshore – The Dark Side of the Global Economy; Farrar, Straus and Giroux, 2005, p.8-9
552:
446:
201:(CDs) issued by U.S. banks as the primary private short-term money market instruments by the 1980s, including:
1430:
1209:
1184:
829:
Harold G. Vatter and John F. Walker (editors): History of the U.S. Economy since World War II; Sharpe, 1996.
1473:
1110:
479:
323:
198:
59:). The offshore locations of the Eurodollar make it exposed to potential country risk and economic risk.
1591:
1586:
1451:
1354:
1304:
1239:
1045:
536:
191:
159:
113:
and from dollar proceeds of European exports to the U.S., which had become the largest consumer market.
1456:
1344:
1289:
1135:
973:
269:
233:
206:
154:
address, they eventually became known as "eurodollars" as such deposits were at first held mostly by
1515:
1309:
1299:
1294:
1199:
1050:
131:
in Paris before the United States froze its remaining U.S. situated assets during the Korean War.
1530:
1394:
1339:
1334:
1234:
1095:
471:
438:
258:
1478:
1404:
1399:
1384:
1379:
1259:
1163:
1120:
1115:
1100:
1010:
810:
785:
663:
632:
540:
628:
622:
1329:
1279:
1274:
1244:
1229:
1214:
1105:
1070:
1030:
1020:
699:
262:
245:
147:
127:, which in 1949 managed to move almost all of its U.S. dollar banknotes to the Soviet-owned
1612:
1374:
1359:
1284:
1249:
1130:
1090:
1085:
1080:
1075:
1065:
1040:
1015:
966:
279:
175:
52:
510:
Please help update this article to reflect recent events or newly available information.
1561:
1535:
1520:
1510:
1369:
1364:
1349:
1269:
1179:
1158:
779:
655:
567:
429:
163:
67:
593:
1606:
1314:
1060:
1035:
1025:
958:
532:
464:
405:
275:
268:
CME Eurodollar futures prices are determined by the market's forecast of the 3-month
210:
110:
106:
44:
19:
This article is about the time deposits. For the currency of the European Union, see
684:
1581:
1566:
1389:
1153:
167:
117:
95:
75:
48:
36:
1556:
1551:
1494:
1425:
460:
151:
123:
In one version, the first eurodollar account was created in France in favour of
99:
32:
572:
562:
475:
703:
535:". Until 21 July 2011, banks were not allowed to pay interest on corporate
412:. Moreover, the present value change per 0.01% change in interest rate is
989:
135:
102:
449:, which is considerably lower than even unsecured single-A credit risk.
400:. That means that the profit or loss per 0.01% change in interest rate
109:
increased significantly, as a result of both the dollar funding of the
719:"What is a Eurodollar and Why Does it Have a Different Interest Rate?"
1571:
994:
155:
428:
interest rate environments. This is to say that an actual loan has
1576:
253:
901:"Outrights/Vol Scans for Performance Bonds - Margins - CME Group"
171:
63:
40:
20:
962:
490:
286:
fixing of 3-month LIBOR on the day the contract is settled.
685:"The Origins of the Eurodollar Market in London: 1955–1963"
531:, Eurodollars are a popular option for what are known as "
478:
relationship between the interest rate swap market, the
261:
used in futures allows one contract to be traded with a
244:
The Eurodollar futures contract refers to the financial
232:
In December 1985 the Eurodollar market was estimated by
470:
The CME Eurodollar futures contract is used to hedge
1544:
1503:
1487:
1466:
1439:
1418:
1172:
1144:
1003:
376:of interest. Since the investor is in fact earning
178:also played a major role in holding the deposits.
467:for all contracts is typically over 10 million.
398:at the end of the three-month loan, not up front
357:of interest. Since the investor only is earning
865:"Eurodollar Futures Contract Specs - CME Group"
190:receiving payment in dollars, thereby avoiding
974:
616:
614:
318:Eurodollar futures contract as synthetic loan
8:
841:"The rise and fall of the eurodollar system"
197:Several factors led eurodollars to overtake
781:The Eurodollar Futures and Options Handbook
773:
771:
662:. London: Macdonald & Co. p. 122.
322:A single Eurodollar future is similar to a
16:U.S. dollars held in banks outside the U.S.
981:
967:
959:
558:International status and usage of the euro
290:How the Eurodollar futures contract works
248:based upon these deposits, traded at the
333:Consider an investor who agreed to lend
129:Banque Commerciale pour l'Europe du Nord
650:
648:
584:
918:Maidenberg, H.J. (14 December 1981).
47:, which are not subject to the legal
7:
920:"Commodities; New Eurodollar Market"
454:Other features of Eurodollar futures
683:Schenk, Catherine R. (April 1998).
384:as a result of interest rate moves.
365:as a result of interest rate moves.
213:, causing a net outflow of dollars;
396:per basis point is earned or lost
380:of interest, he or she has gained
14:
656:"Adam Smith" (George J.W. George)
441:of options on Eurodollar futures.
1265:Malaya and British Borneo dollar
692:Explorations in Economic History
495:
402:as of the start date of the loan
361:of interest, he or she has lost
62:There is no connection with the
945:"Futures & Options Trading"
889:Eurodollar futures on Wikinvest
717:Willette, Jeff (3 April 2014).
624:Money Makes the World Go Around
420:interest rate environments and
265:of about one thousand dollars.
194:on their funding arrangements.
1:
1410:Zimbabwean dollar (2019–2024)
1225:Danish West Indian rigsdaler
284:British Bankers' Association
207:balance of payments deficits
1320:Prince Edward Island dollar
1190:British North Borneo dollar
809:. London: The Bodley Head.
765:Regulation Q, Schenk, p.222
432:. A Eurodollar future pays
278:expected to prevail on the
250:Chicago Mercantile Exchange
140:invasion of Hungary in 1956
98:, the quantity of physical
1639:
1255:Japanese occupation dollar
1195:British West Indies dollar
1126:Trinidad and Tobago dollar
18:
1205:Confederate States dollar
805:Nicholas Shaxson (2011).
784:. New York: McGraw-Hill.
627:. Penguin Books. p.
541:money market mutual funds
504:This section needs to be
1623:Money market instruments
1220:Danish West Indian daler
1056:Eastern Caribbean dollar
778:Galen Burghardt (2003).
621:Garson, Barbara (2001).
1479:Project Entropia Dollar
1431:Pitcairn Islands dollar
1185:British Columbia dollar
594:"Eurodollar Definition"
392:In an actual loan, the
199:certificates of deposit
1111:Solomon Islands dollar
704:10.1006/exeh.1998.0693
480:forward rate agreement
324:forward rate agreement
160:financial institutions
70:. More generally, the
1618:International finance
1592:Zimbabwean bond notes
1587:Zimbabwean bond coins
1459:(Geary–Khamis dollar)
1355:Sierra Leonean dollar
1305:Norwegian speciedaler
1240:Greenlandic rigsdaler
1046:Cayman Islands dollar
529:United States banking
372:× 4.99% × 90 / 360 =
353:× 5.01% × 90 / 360 =
341:× 5.00% × 90 / 360 =
192:foreign exchange risk
174:, and their offshore
1457:International dollar
1345:Saint Vincent dollar
1290:New Brunswick dollar
1136:United States dollar
1516:Canadian Tire money
1325:Puerto Rican dollar
1310:Nova Scotian dollar
1300:Norwegian rigsdaler
1295:Newfoundland dollar
1200:Ceylonese rixdollar
1051:Cook Islands dollar
472:interest rate swaps
144:Moscow Narodny Bank
1531:Salt Spring dollar
1395:Trinidadian dollar
1340:Saint Lucia dollar
1335:Saint Kitts dollar
1235:Dutch rijksdaalder
1210:Continental dollar
1096:New Zealand dollar
924:The New York Times
439:implied volatility
326:to borrow or lend
1600:
1599:
1405:Zimbabwean dollar
1400:Tobagonian dollar
1385:Old Taiwan dollar
1380:Swedish riksdaler
1260:Kiautschou dollar
1164:Malaysian ringgit
1121:New Taiwan dollar
1116:Surinamese dollar
1011:Australian dollar
816:978-1-84792-110-9
537:checking accounts
525:
524:
240:Futures contracts
176:holding companies
148:beneficial owners
1630:
1330:Rhodesian dollar
1280:Mongolian dollar
1275:Mauritian dollar
1245:Grenadian dollar
1230:Dominican dollar
1215:Danish rigsdaler
1106:Singapore dollar
1071:Hong Kong dollar
1031:Bermudian dollar
1021:Barbadian dollar
983:
976:
969:
960:
953:
952:
941:
935:
934:
932:
930:
915:
909:
908:
897:
891:
886:
880:
879:
877:
875:
869:www.cmegroup.com
861:
855:
854:
852:
850:
845:
836:
830:
827:
821:
820:
807:Treasure Islands
802:
796:
795:
775:
766:
763:
757:
754:
748:
745:
739:
738:
736:
734:
725:. Archived from
723:traderbrains.com
714:
708:
707:
689:
680:
674:
673:
652:
643:
642:
618:
609:
608:
606:
604:
589:
520:
517:
511:
499:
498:
491:
435:
411:
395:
383:
379:
375:
371:
364:
360:
356:
352:
344:
340:
336:
329:
246:futures contract
138:, following the
78:", for example,
66:currency of the
1638:
1637:
1633:
1632:
1631:
1629:
1628:
1627:
1603:
1602:
1601:
1596:
1540:
1499:
1483:
1462:
1435:
1414:
1375:Sumatran dollar
1360:Slovenian tolar
1285:Nevisian dollar
1250:Hawaiian dollar
1168:
1146:
1140:
1131:Tuvaluan dollar
1091:Namibian dollar
1086:Liberian dollar
1081:Kiribati dollar
1076:Jamaican dollar
1066:Guyanese dollar
1041:Canadian dollar
1016:Bahamian dollar
999:
987:
957:
956:
943:
942:
938:
928:
926:
917:
916:
912:
899:
898:
894:
887:
883:
873:
871:
863:
862:
858:
848:
846:
843:
838:
837:
833:
828:
824:
817:
804:
803:
799:
792:
777:
776:
769:
764:
760:
755:
751:
746:
742:
732:
730:
729:on 14 July 2014
716:
715:
711:
687:
682:
681:
677:
670:
654:
653:
646:
639:
620:
619:
612:
602:
600:
591:
590:
586:
581:
549:
521:
515:
512:
509:
500:
496:
489:
456:
433:
409:
408:) is less than
393:
381:
377:
373:
369:
362:
358:
354:
350:
342:
338:
334:
327:
320:
311:
292:
280:settlement date
242:
226:
205:The successive
166:banks, such as
125:Communist China
92:
53:Federal Reserve
24:
17:
12:
11:
5:
1636:
1634:
1626:
1625:
1620:
1615:
1605:
1604:
1598:
1597:
1595:
1594:
1589:
1584:
1579:
1574:
1569:
1564:
1562:Quarter dollar
1559:
1554:
1548:
1546:
1542:
1541:
1539:
1538:
1536:Toronto dollar
1533:
1528:
1526:Liberty dollar
1523:
1521:Disney Dollars
1518:
1513:
1511:Calgary dollar
1507:
1505:
1501:
1500:
1498:
1497:
1491:
1489:
1485:
1484:
1482:
1481:
1476:
1470:
1468:
1464:
1463:
1461:
1460:
1454:
1449:
1443:
1441:
1437:
1436:
1434:
1433:
1428:
1422:
1420:
1419:Noncirculating
1416:
1415:
1413:
1412:
1407:
1402:
1397:
1392:
1387:
1382:
1377:
1372:
1370:Straits dollar
1367:
1365:Spanish dollar
1362:
1357:
1352:
1350:Sarawak dollar
1347:
1342:
1337:
1332:
1327:
1322:
1317:
1312:
1307:
1302:
1297:
1292:
1287:
1282:
1277:
1272:
1270:Malayan dollar
1267:
1262:
1257:
1252:
1247:
1242:
1237:
1232:
1227:
1222:
1217:
1212:
1207:
1202:
1197:
1192:
1187:
1182:
1180:Antigua dollar
1176:
1174:
1170:
1169:
1167:
1166:
1161:
1159:Ethiopian birr
1156:
1150:
1148:
1142:
1141:
1139:
1138:
1133:
1128:
1123:
1118:
1113:
1108:
1103:
1098:
1093:
1088:
1083:
1078:
1073:
1068:
1063:
1058:
1053:
1048:
1043:
1038:
1033:
1028:
1023:
1018:
1013:
1007:
1005:
1001:
1000:
988:
986:
985:
978:
971:
963:
955:
954:
936:
910:
892:
881:
856:
831:
822:
815:
797:
790:
767:
758:
749:
740:
709:
698:(2): 221–238.
675:
668:
644:
637:
610:
583:
582:
580:
577:
576:
575:
570:
565:
560:
555:
548:
545:
523:
522:
503:
501:
494:
488:
485:
474:. There is an
455:
452:
451:
450:
442:
386:
385:
366:
319:
316:
310:
307:
303:
302:
299:
291:
288:
241:
238:
225:
222:
221:
220:
217:
214:
170:, now part of
164:City of London
91:
88:
68:European Union
15:
13:
10:
9:
6:
4:
3:
2:
1635:
1624:
1621:
1619:
1616:
1614:
1611:
1610:
1608:
1593:
1590:
1588:
1585:
1583:
1580:
1578:
1575:
1573:
1570:
1568:
1565:
1563:
1560:
1558:
1555:
1553:
1550:
1549:
1547:
1545:See also
1543:
1537:
1534:
1532:
1529:
1527:
1524:
1522:
1519:
1517:
1514:
1512:
1509:
1508:
1506:
1502:
1496:
1493:
1492:
1490:
1486:
1480:
1477:
1475:
1474:Linden dollar
1472:
1471:
1469:
1465:
1458:
1455:
1453:
1450:
1448:
1445:
1444:
1442:
1438:
1432:
1429:
1427:
1424:
1423:
1421:
1417:
1411:
1408:
1406:
1403:
1401:
1398:
1396:
1393:
1391:
1388:
1386:
1383:
1381:
1378:
1376:
1373:
1371:
1368:
1366:
1363:
1361:
1358:
1356:
1353:
1351:
1348:
1346:
1343:
1341:
1338:
1336:
1333:
1331:
1328:
1326:
1323:
1321:
1318:
1316:
1315:Penang dollar
1313:
1311:
1308:
1306:
1303:
1301:
1298:
1296:
1293:
1291:
1288:
1286:
1283:
1281:
1278:
1276:
1273:
1271:
1268:
1266:
1263:
1261:
1258:
1256:
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1061:Fijian dollar
1059:
1057:
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1047:
1044:
1042:
1039:
1037:
1036:Brunei dollar
1034:
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1027:
1026:Belize dollar
1024:
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669:0-356-08573-2
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645:
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638:0-670-86660-1
634:
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595:
592:Chen, James.
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465:open interest
462:
453:
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447:clearinghouse
443:
440:
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427:
423:
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406:present value
403:
399:
391:
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389:
370:US$ 1,000,000
367:
351:US$ 1,000,000
348:
347:
346:
339:US$ 1,000,000
335:US$ 1,000,000
331:
328:US$ 1,000,000
325:
317:
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308:
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296:
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289:
287:
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277:
276:interest rate
274:
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211:United States
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111:Marshall Plan
108:
107:United States
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69:
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60:
58:
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45:United States
42:
38:
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26:
22:
1582:Trade dollar
1567:Holey dollar
1446:
1390:Texas dollar
1154:Chinese yuan
1145:Circulating,
993:
948:
939:
927:. Retrieved
923:
913:
905:cmegroup.com
904:
895:
884:
872:. Retrieved
868:
859:
847:. Retrieved
834:
825:
806:
800:
780:
761:
752:
743:
731:. Retrieved
727:the original
722:
712:
695:
691:
678:
659:
623:
601:. Retrieved
598:Investopedia
597:
587:
526:
516:October 2013
513:
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293:
267:
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196:
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168:Midland Bank
133:
122:
118:Soviet Union
115:
105:outside the
96:World War II
93:
83:
79:
76:eurocurrency
71:
61:
56:
51:of the U.S.
49:jurisdiction
43:outside the
39:accounts in
37:time deposit
33:U.S. dollars
28:
27:
25:
1557:Half dollar
1552:Dollar sign
1495:Angus Bucks
1452:Petrodollar
1426:Niue dollar
1147:but renamed
1101:Samoan tālā
1004:Circulating
929:19 February
660:Paper Money
461:yield curve
404:(i.e., its
234:J.P. Morgan
224:Market size
100:U.S. dollar
29:Eurodollars
1607:Categories
1447:Eurodollar
1440:Conceptual
998:or similar
990:Currencies
603:23 October
579:References
573:TED spread
378:US$ 12,500
374:US$ 12,475
359:US$ 12,500
355:US$ 12,525
343:US$ 12,500
158:banks and
57:Asiadollar
1488:Fictional
839:Nedbank.
563:Petroeuro
476:arbitrage
430:convexity
103:banknotes
874:17 April
658:(1982).
553:Eurobond
547:See also
259:leverage
156:European
136:Cold War
84:Euroeuro
82:or even
35:held in
1504:Private
1467:Virtual
1173:Defunct
949:cme.com
733:3 April
506:updated
309:History
209:of the
90:History
80:Euroyen
1613:Dollar
1572:Thaler
995:dollar
992:named
849:26 May
813:
788:
666:
635:
533:sweeps
487:Sweeps
434:US$ 25
414:higher
410:US$ 25
394:US$ 25
382:US$ 25
363:US$ 25
263:margin
94:After
1577:Tolar
844:(PDF)
688:(PDF)
422:lower
273:LIBOR
254:LIBOR
152:telex
72:euro-
41:banks
931:2019
876:2020
851:2020
811:ISBN
786:ISBN
735:2014
664:ISBN
633:ISBN
605:2020
568:Swap
426:high
172:HSBC
64:euro
31:are
21:Euro
700:doi
527:In
424:in
418:low
416:in
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270:USD
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