Rise of Eurodollar Markets and Corporate Finance Internationalization (1955-1985)

1. UK loosens forward-exchange rules, enabling arbitrage

   Jan 1, 1954Labels: UK Treasury, London banks

   • Schenk EEH
   • DocsLib

2. Eurodollar dealing emerges in London amid tight money

   Jun 1, 1955Labels: Eurodollar market, Midland Bank

   • Schenk EEH
   • DocsLib

3. First widely cited eurodollar deposit transfer

   Feb 28, 1957Labels: Eurodollar deposit

   • Eurodollar Wiki
   • Schenk EEH

4. Non-resident sterling becomes convertible and transferable

   Dec 29, 1958Labels: Non-resident sterling, UK convertibility

   • Cambridge Core
   • DocsLib

5. Term “Eurodollar market” gains public recognition

   Jan 1, 1960Labels: Eurodollar market

   • Eurodollar DE
   • Eurodollar EN

6. First major Eurobond issue broadens offshore finance

   Jul 1, 1963Labels: Eurobond, Autostrade

   • Euromoney
   • Eurobond Wiki

7. US Interest Equalization Tax pushes borrowing offshore

   Sep 2, 1964Labels: Interest Equalization, US Treasury

   • State Dept FRUS
   • EBSCO

8. US expands credit restraints, boosting Eurodollar demand

   Jan 1, 1965Labels: US credit

   • Boston Fed
   • State Dept FRUS

9. Fed adds reserve requirement on Eurodollar borrowings

   Oct 16, 1969Labels: Federal Reserve, Reserve requirement

   • Fed Reserves
   • Boston Fed

10. Nixon suspends gold convertibility, ending Bretton Woods era

    Aug 15, 1971Labels: Nixon shock, Bretton Woods

    • State Dept
    • Nixon shock Wiki

11. Herstatt failure exposes cross-border settlement risk

    Jun 26, 1974Labels: Bankhaus Herstatt

    • Oxford EHR
    • BIS BCBS

12. Basel Committee formed to coordinate international bank supervision

    Dec 1, 1974Labels: Basel Committee

    • BIS BCBS
    • Britannica

13. Basel Concordat sets cross-border supervision principles

    Jan 1, 1975Labels: Basel Concordat

    • BIS BCBS
    • CFR

14. International Banking Act brings foreign banks under US rules

    Sep 17, 1978Labels: International Banking, US regulators

    • Federal Reserve
    • Int l Banking

15. UK abolishes exchange controls, deepening capital-market openness

    Oct 24, 1979Labels: UK exchange

    • Hansard
    • HMRC Manual

16. CME launches Eurodollar futures, standardizing offshore-rate hedging

    Dec 9, 1981Labels: CME Eurodollar, Chicago Mercantile

    • CME
    • WashPost