Capital Markets

Short-term investments and borrowing are driven by the available rates in the market for these products and services. Likewise, long-term rates in the debt and equity markets will determine the cost of capital for an organization. This section provides sites which offer information to the treasurer on various rates for different segments of the market.

The Federal Reserve Bank of New York provides one of the better sites for daily rates on commercial paper (CP) and foreign exchange (FX). Daily rates are available for dealer-placed and direct-placed commercial paper plus 36 foreign currencies. These are the noon buying rates "as certified by the New York Federal Reserve Bank for customs purposes." All of the rates shown are expressed in terms of foreign currency values (e.g., 118.33 yen/dollar) except for U.K. Sterling rates which are shown in terms of U.S. dollars per pound. In addition, you can access the New York Federal Reserve's 10:00 A.M. midpoint (between buying and selling rates) foreign exchange rates daily for major currencies expressed in foreign currency units:

1. Pound Sterling (expressed in US$ equivalents)
2. Canadian Dollar
3. French Franc
4. German Mark
5. Swiss Franc
6. Japanese Yen
7. Dutch Guilder
8. Belgian Franc
9. Italian Lira
10. Swedish Krone
11. Norwegian Krone
12. Danish Krone