By Gilbert Durieux
The author's have supplied a transparent imaginative and prescient of the French monetary region, that is frequently underestimated by way of the foreign group. the speed of switch has been major, with the dimensions of Paris as a monetary centre starting to be considerably speedier than manhattan, Frankfurt, or even London and Tokyo. The modernisation that has been undertaken, that's accountable for this development, has affected all elements of the French monetary markets; really, the prestige of the avid gamers and the institutional regime, and in addition the monetary tools and back-office instruments. This e-book is key analyzing for a person facing this more and more very important ecu monetary centre.
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Additional info for French financial markets
Being bearer securities with a tendency to b e de-materialised, TCNs may only b e represented b y b o o k entries at the depositories. Issuers must b e subject to an official credit rating delivered by a recognised rating a g e n c y CERTIFICATES OF D E P O S I T Certificates o f deposit (CDs) may b e issued only by banks residing in France; they have a maximum initial maturity o f 2 years. T h e y may b e issued in French francs or in foreign currency. S P E C I A L I S E D I N S T I T U T I O N BILLS A N D NOTES Specialised institution bills and notes are issued by financial institu tions (see Chapter 1).
Des Emissions d'Outremer (Overseas Issuing - T h e Institut des Emissions des Departements (Overseas Department Issuing Institute). d'Outremer - T h e Caisse des Depots et Consignations. TRESOR PUBLIC The Tresor Public is the State bank. A large part o f its activity consists in collecting funds, exactly as commercial banks do. It is authorised to deliver c h e q u e s to individuals or legal bodies w h o open an account. It must b e stressed that some deposits must necessarily b e made directly to the Tresor Public, such as deposits made by the Services or dismemberments o f the State (territorial collectivities).
T h e deputy governors are in charge o f the functions delegated by the governor. T h e governor and deputy governors have no right to b e involved in private or public business, e x c e p t for international agencies. As a State bank, the Banque de France manages the accounts o f the French Treasury, although it is forbidden to loan the latter money. It also manages foreign exchange reserves. As bank to the banks, it is in charge o f payments b e t w e e n them. T h e development o f markets and the growth o f the financial activities necessitated the setting up o f a risk prevention system falling under the responsibility o f the Central Bank.