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The Eurodollar futures contract was launched in 1981. It was the first cash-settled futures contract. [13] It traded on the Chicago Mercantile Exchange. [14] Eurodollar futures were an instrument used to wager on Federal Reserve policy or to hedge the direction of short-term interest rates.
The London Interbank Offered Rate (LIBOR) came into widespread use in the 1970s as a reference interest rate for transactions in offshore Eurodollar markets. [25] [26] [27] In 1984, it became apparent that an increasing number of banks were trading actively in a variety of relatively new market instruments, notably interest rate swaps, foreign currency options and forward rate agreements.
The OIS is a swap derived from the overnight rate, which is generally fixed by the local central bank. The OIS allows LIBOR-based banks to borrow at a fixed rate of interest over the same period. In the United States, the spread is based on the LIBOR Eurodollar rate and the Federal Reserve's Fed Funds rate. [2]
TED is an acronym formed from T-Bill and ED, the ticker symbol for the Eurodollar futures contract. Initially, the TED spread was the difference between the interest rates for three-month U.S. Treasuries contracts and the three-month Eurodollars contract as represented by the London Interbank Offered Rate (LIBOR).
A short-term interest rate (STIR) future is a futures contract that derives its value from the interest rate at maturation. Common short-term interest rate futures are Eurodollar, Euribor, Euroyen, Short Sterling and Euroswiss, which are calculated on LIBOR at settlement, with the exception of Euribor which is based on Euribor and Euroyen which is based on TIBOR.
Secondly, Eurodollar deposits arise from investments of US dollars in European banks, generally for more favourable returns on interest. [12] Today, the Eurodollar market is the largest source of global funding for businesses and nations, estimated to be financing over 90% of international trade deals. [5] It is the most widely used eurocurrency.
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Eurodollar bond, a U.S. dollar-denominated bond issued by a non-U.S. entity outside the U.S [1] Baklava bond, a bond denominated in Turkish Lira and issued by a domestic or foreign entity in the Turkish market [2] Yankee bond, a US dollar-denominated bond issued by a non-US entity in the US market
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