The Future of Global Financial Services (Blackwell Global by Robert E. Grosse

By Robert E. Grosse

This publication explores the way forward for the monetary providers undefined, giving readers an idea of the categories of associations and providers that might continue to exist within the early twenty-first century. An informative and provocative exploration of the way forward for the monetary companies undefined. makes a speciality of most likely alterations within the close to destiny, corresponding to larger use of the net for banking transactions and the expanding globalization of monetary companies. issues to the possible disappearance of the assurance quarter as a separate undefined. Describes altering stipulations in key monetary centres, specifically the U.S., the united kingdom, Germany, Japan and Switzerland.

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3 Value at Risk is a concept developed by J. P. Morgan in the late 1980s. The basic measure is the maximum amount that a project or a company/bank can be expected to lose in 99 out of 100 periods (days). See, for example, Philippe Jorion, Value at Risk, 2nd edn. (New York: McGraw-Hill, 2000). 4 See C. K. Prahalad and G. Hamel, “The core competence of the corporation,” Harvard Business Review, 68, May–June 1990. CHAPTER THE GLOBALIZATION OF FINANCIAL SERVICES 15 2 THE GLOBALIZATION OF FINANCIAL SERVICES INTRODUCTION In 1998, Citibank merged with Travelers Group to form Citigroup, a global financial services firm that was not permitted by existing law in the United States at the time1.

Due to bank complaints about the way that these standards produced insufficient accounting for the diverse quality of various assets, the Bank for International Settlements has proposed new guidelines, for probable implementation in 2005. These guidelines are under continuing review, but the basic principle at present is that commercial banks should be required to establish their own systematic portfolio risk measurement and protection procedures, which then must be explained and justified to authorities.

It appears that the barriers are coming down, but the reality still is that most consolidations are within-country in the EU rather than between countries. Obviously, this situation is poised to change dramatically once the first few major cross-border M&A deals are accomplished. THE IMPLICATIONS FOR COMMERCIAL BANKS There is an ongoing process of consolidation of large commercial banks in the USA due to the spread of nationwide banking (relaxation of the McFadden Act and the Bank Holding Company Act), and in Europe due to the EU’s opening of the commercial banking sector among the member countries, as well as worldwide due to greater deregulation of the sector.

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