Opinion
The Future Belongs to Smaller Players
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Big, systemically important banks will have their role to play, but a universe of smaller, less-regulated, non-systemic non-banks will be the source of much of the innovation and energy that sustain the markets.
By Roy C. Smith
Here’s a quick history of Financial News’ first 900 issues. And here’s also a sketch of what will be in the next 900.
When the first edition of Financial News appeared 18 years ago, the market capitalisation of all the stocks and bonds in the world, according to McKinsey, was about $80 trillion – or two and a half times world gross domestic product. There was a lot to write about.
The financial world had just entered an exciting, dynamic and optimistic decade, sweet-dreaming of deregulation, global integration of capital and merger markets, transformational new technologies, easy money and, most of all, a new powerful financial vehicle to capitalise on it all – the global universal bank with a big balance sheet and a kick-ass “flow-trading” business model.
Read full article as published by Financial News
When the first edition of Financial News appeared 18 years ago, the market capitalisation of all the stocks and bonds in the world, according to McKinsey, was about $80 trillion – or two and a half times world gross domestic product. There was a lot to write about.
The financial world had just entered an exciting, dynamic and optimistic decade, sweet-dreaming of deregulation, global integration of capital and merger markets, transformational new technologies, easy money and, most of all, a new powerful financial vehicle to capitalise on it all – the global universal bank with a big balance sheet and a kick-ass “flow-trading” business model.
Read full article as published by Financial News