The globalization of securities markets, the spectacular advance of information technology, demutualization of stock exchanges, and the rise of alternative trading systems are just a few of the issues at the forefront of peoples minds when they consider the evolution of the global financial system.
While many people consider the impact on financial markets of more visible trends of the moment, such as online trading, what goes on with the infrastructure behind the scenes doesnt receive as much attention. Clearing, settling and depositary services, however, will have just as much impact on the kind of markets we trade 10 years from now.
This is one of the wild cards in how financial...
