The "Euro-notes" market: functioning, risk assessment and analysis of rates of return.

Summary The market of "Euro-notes" appears to be independent in its form and to be improving in its techniques and products. It reflects the characteristics of the new international finance. Our thesis attempts to highlight its functioning and its structure by analyzing its actors and its different methods of investment on the secondary market. It also attempts to assess the different risks of this market and the quality of issuers through rating. Finally, it proposes a strategy of profitability arbitrage based on the residual differences of the specific risk of a security from the market model.