There will be no live market for the mark and other legacy currencies. That's because as of January 1, the exchange rates of the mark, French franc, lira and other eight member currencies will be irrevocably locked into the euro.

"The dollar-mark rate will be a purely mathematical conversion using the euro-dollar rate," said Michael Lewis, senior currency economist at Deutsche Bank in London.

The rates at which the 11 currencies will merge into the euro will officially come into force at midnight local time on December 31.

After the launch of the single currency, the euro will immediately become a reality on financial markets and interbank dealings will be in euros.

Many clients, especiallycorporate ones, were expected still to want quotes in legacy currencies because they would not be familiar with the euro. Many companies have not yet converted their accounting systems to the euro.

Of 14 investment houses and banks surveyed on December 29 by Reuters, 12 said they would continue to provide quotes in legacy currencies for those clients who asked for them.

"A lot of the corporates will still be living in the old world while we in the financial markets will be living in the new world," said one analyst.

Some banks were expected to charge customers with legacy currency accounts a commission for switching their money into euros but others were planning to do it for free in hopes of capturing more business.

"Small banks which have had to pay a lot of money to change their systems may try to palm off some of the cost onto their customers," said one analyst. "But bigger banks won't in hopes of winning in other areas such as increased business."

One bank in Estonia said it was planning tolevy a commission on converting legacy currency accounts into euros. "But if competition gets so tough that others are not charging any commission, we will not take any commission," said an analyst at the bank.

The birth of euro would also mean no more arbitrage opportunities involving the legacy currencies -- unless people were expecting the demise of Monetary Union, analysts said.

"The confidence surrounding the euro is so huge, no one will risk their money trying to make any extra profits," said Jussi Hantela, analyst at Merita Bank in Helsinki. "There will be no arbitrage, it is just too risky."