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Eurocurrency markets The eurocurrency markets are large intermediated money and capital markets, primarily located in international financial centres; eg London, Bahrain and Singapore. The eurocurrency markets are dominated by international banks who provide traditional intermediated banking services, accepting deposits and making loans, along with other financial services. The term eurocurrency refers to a currency that is traded outside the country of that currency. For example, eurodollars refers to a USD denominated bank deposit held in a bank outside the United States. Development of the eurocurrency markets The eurocurrency markets developed in London in the 1950s when UK banks started accepting deposits and making loans denominated in USDs. The Soviet Union and other Eastern European countries had held large deposits in US banks. However, as a result of political tensions between the USA and the USSR, these funds were transferred to banks in London. The international banks who were holding these funds responded by making...

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