The conversion weekend was one of the biggest logistical operations that the London market has ever undertaken, and could hardly have been a greater technical success. The available data, and other evidence directly from market firms, show that London has been maintaining its market share since the launch of the euro. Market firms are clear about the factors that will determine whether they maintain and increase their commitment to London in the future. They can be summed up in the word 'competitiveness'. Since the launch of the euro, there has been a major change in the wholesale payment landscape in Europe.
Banks are able to choose between a large number of competing euro payment routes.
Inevitably, there have been some teething problems, but these are being addressed. UK and other user groups have suggested a number of ways of making further technical improvements to the system, which the ECB is currently considering. There is a high level of satisfaction with the service provided. The large number of different euro payment systems makes life more difficult for bank treasurers, both in identifying their liquidity position during the day and in minimising their overall liquidity needs. The Chapter contains a number of suggestions designed to encourage the market as a whole to implement best practice.