When eleven EU member states entered the third stage of the Economic and Monetary Union by adopting the common currency, the euro, on the 1st of January 1999, this historic step was accomplished in such a smooth way that it is often simply taken as a matter of fact.
Participants in the system electronically indicate their desire to enter into specific transactions. Other dealers can accept a transaction, or they can send an electronic message suggesting possible changes in terms. Participants can execute trades only with other dealers for whom they have acceptable credit limits. The credit limits of all dealers vis-à-vis each other are loaded into the system before trading.