NYSE launches euro-linked shares
NEWS
The shares are in a trust called the Euro Currency Trust, sponsored by Maryland-based fund management group Rydex Investment. It is being held by JP Morgan in London, with the Bank of New York acting as trustee.
Bear Hunter Structured Products, Bear Stearns, Lehman Brothers and UBS Securities are acting as 'authorised participants', giving them the ability to create and redeem shares directly from the trust in large blocks called baskets. Effectively, the companies place euros into the primary
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