International Finance and Accounting Handbook

international character of the wholesale market place. This market nexus will en- courage other countries and regions to tie int ...

2 • 1 CHAPTER 2 GLOBALIZATION OF THE FINANCIAL SERVICES INDUSTRY Ingo Walter New York University CONTENTS 2.1 Introduction 1 2.2 ...

and suggest how the microeconomics of financial intermediation work. These can have an enormous impact on the industrial structu ...

environmental and regulatory determinants or drivers as well as the generic advan- tages needed to profit from three primary lin ...

and equity instruments on offer. This may provide a broader range of options than standardized bank contracts and permit the lar ...

Process innovationsinclude contract design and methods of trading, clearance and settlement, custody, techniques for efficient ...

Both static and dynamic efficiency in financial intermediation are of obvious im- portance from the standpoint of national and g ...

(b) The Facts: Shifts in Intermediary Market Shares. Developments over the past several decades in intermediation processes and ...

of funds have benefitted from enhanced access to financial markets across a broad spectrum of maturity and credit quality using ...

wholesale finance providers are governments, corporations, banks, and investment managers of many types. The services offered by ...

Moving out from the center of the diagram, the next most perfect market com- prises sovereign debt instruments in their respecti ...

ples of this. Sometimes, intermediaries specialize in particular sectors, types of clients, regions, or products. Some have stro ...

or government agencies issue the securities. Sovereign governments tend to issue bonds to the markets directly, without underwri ...

activities include market making (executing client orders, including block trades), proprietary trading (speculation for the fir ...

quire others or firms wishing to be sold (or to sell certain business units) to prospec- tive acquirers. This business sector (u ...

Top asset managers are dispersed worldwide, based in part on the location of the major savings pools and insurance markets. The ...

cross-selling efforts. At the same time, relatively small and focused firms have some- times continued to prosper in each of the ...

U.S. banks). Cross-border intra-European banking deals amounted to 25.8% of the European total. The share of cross-border activi ...

2 • 18 Target Institution World Total U.S. Europe Acquiring Institution Banks Securities Insurance Banks Securities Insurance Ba ...

2 • 19 Target Institution World Total U.S.–non-U.S. Intra-Europe Europe–Non-Europe Acquiring Institution Banks Securities Insura ...