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Additional info for Parallel Money Markets: Volume One The New Markets in London
This was not possible in London, except between non-resident holders, through the intermediary of a broker or of a bank. This inhibition was not confined to British banks. Even in the absence of exchange control there was, and is, no inter-bank market in bank deposits in the United States for instance - apart from the market in Federal Funds - or inter-bank dealing in Swiss franc deposits in Switzerland. Even if there was some logic in the self-imposed rule before the emergence of inter-bank dealings in Euro-dollars and other Eurocurrencies after the development of the Euro-currency markets, it then became illogical to abstain from engaging in similar transactions in our own domestic currency.
Payment may be made on any day of the week following the week in which the bills are issued, and maturity is reckoned on the basis of the dates on which the bills are actually issued and paid for. The minimum amount of a Treasury bill is £s,ooo and the maximum amount is £250,000. The minimum amount for which tenders can be submitted is £so,ooo. m. m. Those who submit tenders must state the ~mount they are prepared to pay per£ I oo of the bills, and the Bank of England, acting on behalf of the Treasury, allots TREASURY BILLS 12 the bills to the applicants who offer the most favourable price.
But its development into a factor of importance in the international monetary and banking system dates from 1957, when exchange restrictions imposed on certain types of sterling acceptance credits made it necessary to find alternative facilities. There is no such dateline as far as the 12 PARALLEL MONEY MARKETS emergence of the inter-bank sterling market is concerned. Its early development has attracted even less attention outside the market than that of the Euro-dollar market in its early stages.