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  Ghaith Ady Euro-Commercial Paper is a nonblank short-term credit, it is vary similar to commercial paper in a nonunderwritten short-term a short-term Euronote,it is most notably caller a Euro-CP which is short for Euro-Commercial Paper. There are a few differences between Euro-Commercial Paper and U.S commercial paper, one of the differences are the average maturity of Euro-Commercial Paper is almost twice as long of that of U.S commercial paper. Another difference is that he majority of U.S commercial paper is held by the original investor until maturity, and the Euro-Commercial Paper is actively traded in a secondary market. Corporations, central banks, and commercial banks are a important part of the investors base for particular segments of the Euro-Commercial Paper market; the most important holders of U.S commercial paper are money market funds, which are not really used nor important in Euro-Commercial Paper market. Many banks have been forced out of Euro-commercial paper in the late 1990’s. With margins thin, large volumes are a prerequisite of profit. The prospect of European monetary union has, however, led to rapid market growth. Many corporations and banks attribute much of their success to the use of electronic trading in its spot and forward foreign exchange operations, which in turn has enhanced its capabilities in synthetic Euro-commercial paper. A diverse commercial paper capability is important because it is the cheapest way to raise funds across currencies. This is a basic service which the bank then hopes to build on at a later date with mandates for more complex and lucrative services. Many Banks and funds have made a smart strategic move by branching out into different currencies, Euro-commercial paper is traded in 19 OECD currencies and four non-OECD currencies while other banks are stuck trading in niches. The Euro commercial paper market has grown quickly since it was founded in the mid 1980’s, reaching over $360 billion in the mid 2000’s, even with this quick growth it is still dwarfed by the U.S commercial paper market.   Citations dictionary.bnet.com/definition/euro-commercial+paper.html www.investopedia.com/terms/e/eurocommercialpaper.asp Multinational Financial Management by Alan C. Shapiro