The Impact of the Euro on Financial Markets and Their Participants
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The Foreign Exchange Market
The disappearance of 12 sovereign currencies and the increased mergers and acquisition between Euro zone banks instigated by the introduction of the Euro has led to a reduced volume in trade within the foreign exchange market (as the number of participants and the markets they trade across decreased).
Foreign exchange average daily turnover has also declined, from 1998 figures of $1.4bn to 2001 figures of $1.2bn [Joshua Rosenberg - Federal Reserve Bank of New York (2002)] , although it is quite probable that other factors such as the economic downturn and mergers & acquisition (M&A) activity (which may compensate by increasing market liquidity) are in part responsible for such a decline in figures. Various studies have been undertaken regarding the influence of the Euro, with the overall conclusion being that the behaviour of the Euro, in terms of bid-ask spreads, volatility and trading activity correlates to that of the Deutsch mark.
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