For many cynics in the securities industry, the upcoming introduction of the euro had only one real benefit. The enormous cost of converting systems to the new single European currency could be used as timely camouflage to correct the firm’s information technology cock-ups of the past.
Not any more. A report commissioned by the International Securities Market Association (Isma) has come out with a startling conclusion it will cost hardly anything at all. The euro conversion cost will be Ecu8 million, or 0.00058%
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