When the markets of participating member-states open on January 4th they will operate in euros. The arrival of the new currency heralds major changes in the way business will be done between the participating member states and between the euro zone and the rest of the world. To reflect these changes The Irish Times, in conjunction with PricewaterhouseCoopers, has revised its presentation of the markets. The diagram reproduced here and the accompanying text explain the changes to our markets coverage necessitated by the euro. The revised markets page will be published daily in The Irish Times, commencing on January 5th next.

1. Dublin Closing Prices: This table has been revised to present stock prices in euros and Irish pounds. As the Irish Stock Exchange now conducts all its business in euros only, the pound price reported here is provided for information purposes only. Some share prices are quoted in sterling and are not converted to euros in the table. The market guide price is no longer reported. Business done summarises the number of price changes during the day.

2. The ISEQ Index: The presentation and content of the ISEQ index remains unchanged.

3. Euro Exchange Rates: The euro replaces the existing national currencies of each of the 11 participating member-states. The exchange rates contained in the table show the closing value of the euro against other currencies trading on the foreign exchange markets.

4. Irish Pound Cross-Rate: These rates are notional and are reproduced for information purposes only. They should not be used for business transactions as they are not expressed in the format strictly required by EU conversion regulations. These rates are derived from the official conversion rate of the pound to the euro which is then applied to the exchange rate for each of the currencies shown.

5. Sterling Exchange Rates: This table is unchanged save for the substitution of the euro for ECU. As from January 1st, 1999, ECU1 will translate to #1.

6. Interbank Rate: Euribor (Euro Interbank Offered Rate) is a new Interbank rate. Euribor will be the rate at which euro Interbank term deposits will be offered by one prime bank to another prime bank.

7. Government Stocks: This table provides a report of daily trade in Irish Government bonds which will be conducted in euros from January 1st, 1999. The Irish pound price is provided for information purposes only.

8. Irrevocable Fixed Exchange Rates: As from midnight tomorrow, December 31st, 1998, the euro exchange rate is fixed against the existing national currencies of the 11 participating member-states. The bilateral exchange rates of these 11 states will also be fixed from that date. The fixed euro conversion rate against each of the 11 currencies of the participating member-states is shown at the top of this table. The remainder of the table displays the official fixed bilateral rates of the currencies of the participating member-states. In the Irish pound column (headed IEP) the fixed exchange rate for the Irish pound is shown against the other participating currencies.

9. Eurotop 100: This table contains a daily report of the performance of a selection of Europe's top 100 stocks. The constituent companies are not confined to the euro zone. Each stock is identified by its country code, ISO currency code, a closing price in the local currency, the percentage point change on the stock in daily trade and the constituent capitalisation in euros. The value of the constituent capitalisation used for the index calculation is not the full market capitalisation of the company.

10. US Selected Stocks: The arrival of the euro does not effect any change in this table. US selected stocks table reports the performance of shares of Irish interest trading on the Nasdaq.

11. London Closing: Sterling is not among the first wave of currencies participating in the euro. The London market will therefore continue to be reported in sterling only.

Principal Currency: The Irish pound shall continue to be the principal currency in Business and Finance reporting, although share price changes will be in euros. This means that generally the pound will be reported in the first instance, followed by the appropriate euro conversion rate. Where a report originates in a non-euro area and contains sums denominated in the currency appropriate to such an area i.e. sterling or the US dollar, the local currency is reported at first instance, followed by its appropriate euro conversion. Where a report originates in a euro zone economy, outside the Republic, the euro is reported as the principal currency followed by the appropriate Irish pound conversion rate.