THE City of London will speedily embrace the planned single currency although several cross market issues must be addressed, according to new report.

The London Investment Banking Association (LIBA) said banking operations would swiftly make the adjustments necessary for using the euro, due to be introduced in 1999 under European economic and monetary union (EMU).

"In the event of EMU, we anticipate that wholesale market activity and associated settlement facilities will, by and large, quickly move to euro operations for trading, matching, settlement and quotations," LIBA said in its report.