Internationale Kapitalmärkte — Strukturen und Systeme der Zukunft

TL;DRAbstract

While analysing the developments and the international capital markets of the 20th century, some important and interdependent issues are discussed, e.g. explosive growth of transaction volumes, deregulation, centralisation, growth in derivatives, securitisation, internationalisation, and privatisation. Still the expectation of many market participants that globalisation will lead to a merger of individual capital markets while geographic differences become irrelevant have not been met. Despite growing internationalisation, the “home markets” will continue to be the relevant ones for many products and instruments, as only these markets provide maximum liquidity. Competitive pressures force the individual capital markets to adjust to these new trends. By systematic and structural changes they try to satisfy the request for efficiency, liquidity, and the security of institutional investors, issuers, and intermediaries world-wide. The innovative power of market participants and regulative

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