Some Reflections and Conclusions
One of the most fundamental changes seen in the capital markets over the latest 50 years, is the disappearance of differences between various categories of ?nancial institutions. Gone are the days of stockbrokers and jobbers, forgotten is the distinction between commercial bank business and savings bank business, and eliminated are the differences between investment banking and commercial banking. Nobody can anymore tell the difference between “Gründerbanken”, “banques d’affaires, merchant banks, and commercial banks. Mortgage institutions have become deeply involved in ordinary retail banking, and banks have absorbed broker ?rms and insurance companies. Capital markets have become dominated by ?nancial conglomerates rather than by specialists.
KeywordsInterest Rate Capital Market Central Bank Nordic Country Commercial Bank
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