By Paul Einzig
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Extra info for Parallel Money Markets: Volume One The New Markets in London
Example text
This business in commercial bills changed in character during the second half of the century when, as a result of the expansion of the branch network of the London joint stock banks, domestic business came to be financed largely by means of bank overdrafts. Activities in trade bills declined in consequence, though in certain produce trades, especially in the timber trade, they remained the principal device for financing current transactions. But generally speaking, accepting houses lost interest in domestic bills.
Possibly this was why the inter-bank sterling market developed in many instances in the foreign exchange departments rather than between the money market departments of banks. Conceivably inter-bank dealings in sterling existed even before the expansion of the Euro-dollar market in London. But the example of that market must have been largely responsible for inspiring the creation of a systematic active market in inter-bank sterling on a large scale. Not until the early 'sixties was the existence of the inter-bank sterling market realised outside those directly concerned and, as already observed, it was given virtually no publicity until the late 'sixties.
Sophisticated treasurers of industrial and commercial firms are familiar with its operations and they too take advantage of the more favourable rates quoted for short deposits. Many treasurers are still old-fashioned and do not go out of their way to use their firm's liquid funds to the best advantage. But the number of firms which take advantage of the higher rates obtainable in the parallel money markets in general and in the inter-bank sterling market in particular - even though they have no direct access to the latter - is on the increase.