《FINANCIAL SERVICES INTEGRATION WORLDWIDE：PROMISES AND PITFALLS》Pages 56
Table of Contents
INTRODUCTION.........................................................................................................................................3
THE MULTIPLE MEANINGS AND FORMS OF FINANCIAL SERVICES INTEGRATION................3
The Meaning of Financial Services Integration.........................................................................................3
Structures for Delivering Integrated Financial Services............................................................................5
THE ECONOMICS OF FINANCIAL SERVICES INTEGRATION..........................................................8
Cost Effects ...............................................................................................................................................8
Revenue Effects.......................................................................................................................................10
Relationship between Effects and Operational Structure ........................................................................11
MANAGEMENT ISSUES IN INTEGRATION ........................................................................................11
Group Structure .......................................................................................................................................11
Complexity ..............................................................................................................................................12
Corporate Cultures...................................................................................................................................12
Inexperience/Lack of Expertise ...............................................................................................................13
Marketing/Distribution Issues .................................................................................................................13
Target Market Clarity ..............................................................................................................................14
Financial Management Issues..................................................................................................................15
Conflicts of Interest .................................................................................................................................15
FINANCIAL SERVICES INTEGRATION INTERNATIONALLY.........................................................17
Overview of Regulation of Financial Conglomerates Internationally.....................................................17
Asia..........................................................................................................................................................21
Europe .....................................................................................................................................................25
North America .........................................................................................................................................34
PUBLIC POLICY CONCERNS IN INTEGRATION................................................................................40
Categories of Market Imperfections ........................................................................................................40
Categories of Regulation .........................................................................................................................41
Multinational Public Policy Initiatives ....................................................................................................42
Public Policy Issues in Integration ..........................................................................................................43
The Relationship between Integration and Regulatory Structure............................................................48
THE FUTURE OF FINANCIAL SERVICES INTEGRATION................................................................50