Markets and Operations Summer 2003
15 Pages Posted: 27 Apr 2005
Abstract
This article reviews developments since the Spring Quarterly Bulletin in sterling and global financial markets, UK market structure and the Bank's official operations.
Uncertainty in financial markets relating to the war in Iraq passed.
Forward interest rates declined globally.
Equity indices rose, perhaps on reduced uncertainty and lowered perceptions of corporate risk.
The dollar and, to a lesser extent, sterling continued to depreciate against the euro.
Work continues to allow settlement of money market instruments in the CREST system and procedures have been announced for their migration into CREST from September 2003.
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