Institutional Developments in the Globalization of Securities and Futures Markets英文资料.pdfVIP

Jodi G. Sea riata Jodi G. Scarlata was a visiting scholar at the Federal Reserve Bank of St. Louis when this paper was written. David H. Kelly and Lynn Dietrich provided research assistance. Institutional Developments in the Globalization of Securities and Futures Markets -an INANCIAL TRANSACTIONS such as the buy- tional developments that are occurring in world ing and selling of securities, commodities, foreign securities and commodities markets. It then ad- exchange and bonds, have increasingly involved dresses both the benefits of expanding financial individuals and firms from different countries. markets and the costs that accompany the move. For example, a Japanese resident might purchase Risk factors and standardization of procedures U.S. dollars with Japanese yen (a foreign ex- are highlighted as issues of concern as financial change transaction) to buy shares of IBM on the centers globalize. The paper closes with a dis- New York Stock Exchange (a securities transac- cussion of the Group of Thirty proposal for the tion). To accommodate such transactions, futures coordination of clearing and settlement in world and securities exchanges have expanded the securities markets. services they offer their users, adding numerous financial instruments, engaging in cooperative efforts across exchanges and introducing com- puter-based technologies. The globalization of world markets prov