The Globalization of Financial Services

Banking, foreign exchange, bonds, equities and insurance services are now provided through an increasingly global marketplace. In financial services, as in other activities, globalization can be seen as a process opening up national economies and markets, widening the extent and form of cross-border transactions, deepening the international character of productive activity. As such, globalization is propelled by liberalization of trade and deregulation of capital markets, underpinned by technological change which is lowering communication and transport costs and enhancing the international tradeability of services.