PRESS RELEASE

To the signatories of the joint statement (separate letters)

9 September 1997

Mr. W.F. Duisenberg, President of the European Monetary Institute (EMI), wrote yesterday to the signatories of the "Joint statement on market conventions for the euro" of 16 July 1997.

Mr. Nikolaus Bömcke, Secretary General, Banking Federation of the EU Mr. John Corrigan, Chairman-Bond Commission, European Federation of Financial Analysts' Societies Ms. Karin Cutler, Chairman - EMU Working Party, European Paying Agents Association Mr. Chris de Noose, Chairman of the Management Committee, European Savings Banks Group Ms. Gay H. Evans, Chairman, International Swaps and Derivatives Association Mr. John Gilchrist, Head of Corporate Communications, Cedel Bank Ms. Judith Hardt, Secretary General, European Mortgage Federation Mr. Helmut Konrad, Head of Foreign Exchange and Money Markets ACI - The Financial Market Association Mr. John L. Langton, Chief Executive and Secretary General, International Securities Market Association Mr. Yves Poullet, Vice President, EMU transition, Morgan Guaranty as Operator of the Euroclear System Mr. Johannes-G. von S¸sskind, Secretary General, European Association of Co-operative Banks
Mr. Robert B. Gray, Chairman, International Primary Market Association

In this letter, the President said:

"You submitted to the EMI the 'Joint statement on market conventions for the euro', dated 16 July 1997 and containing guidelines for market participants about standards to be adopted in the money markets, in the bond markets and in the foreign exchange markets of the euro area. This statement proposes that, after the start of Stage Three of EMU, newly issued instruments in the euro financial markets should reflect minimum standards of harmonisation.

The EMI welcomes and supports the initiative taken by the associations of the banking and financial industry. It notes that there is broad consensus among market participants on common conventions for the euro financial markets. Implementation of these conventions will enhance integration of, and ensure more transparency in, the euro financial markets."

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