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List of Figures, Tables and Boxes  xiii

Acknowledgements  xv
Foreword by Jean-Pierre Roth  
xvi
Notes on the Contributors  xviii
1 Introduction:
Financial Intermediation in the Age of Global Capital 1
   

PART I THE NEW FINANCE ERA: CHALLENGES AND OPPORTUNITIES  

2 Banking in the Twenty-First Century: the View from the Deutsche Bank
7
Rolf-E. Breuer  
Introduction  7

Current trends in the banking industry  8
Bank
strategies for the twenty-first century  12
Conclusion: Banking
in the twenty-first century  16
3 The Internet and the Commercial
Banking Industry: Strategic Implications from a US Perspective 17

William C. Hunter  
Introduction  17

Recent trends in the US banking industry  18

Technological change and the industrial organisation of US banking
markets  20
Recent changes consistent with the predictions of
modern industrial organisation theory  21
Strategies for survival
in an Internet banking world and the role of local banks  25

Conclusion  27
4 Three Imperatives to Foster as a
Financial Institution in the Euro Era 29
Jan Huyghebaert  

First imperative: manage your costs  29
Second
imperative: offer your customers a global window  30
Third
imperative: develop the skills of your people  30
The case of
Almanij  31
Innovation and growth  31
5
Integrating Risk Management and Capital Management 33
Prakash
Shimpi  
The role of corporate capital  33
Capital
resources  36
Models of capital structure  37
The
changing function of risk management  55
6 IT and the Pressure to
Innovate and Restructure 58
Lars H. Thunnell  

Globalisation  58
The IT revolution  59

Where is technology heading?  60
Growth – but still low
inflation  61
Market change at the micro level  63

Management faces new challenges  64
Strong
transformation pressure in the financial sector  65
Sweden at the
cutting edge  68
Conclusion  72
Part II FINANCIAL
MARKETS: FUTURE DEVELOPMENTS  
7 Global Finance Beyond 2000: SWX
Swiss Exchange's Challenge 75
Antoinette Hunziker-Ebneter  

SWX Eurobonds – the only fully automated platform  75

Eurex Repo based on SWX technology  76
The Internet
exchange  77
Easier access – the new SWX trading system  77

8 On-line Trading is Changing the Capital Markets 78

Matthias Leclerc  
The automation of markets  78

Markets in transition  79
Electronic communication with
clients  81
Where will it lead?  82
Summary  
83
9 ABB as a Major User of Financial Markets 84
   

10 The Transformation of Stock Exchanges in Europe 88
Dirk
P. Tirez and Timothy Verhoest  
Introduction  88

Status report on European stock exchanges  88
Principal
driving forces behind the structural change in European financial markets  
92
Impediments to the establishment of a truly unified European
market  106
Conclusion  114
11 What is the Future
for Nationally or Regionally Based Financial Centres? 117
Alec
Tsui  
Challenges  117
Response of exchanges  
119
Part III Regulatory/Supervisory Authorities: Strengthening
Financial Intermediation and Systems  
12 The Basel Capital
Requirements: a First Step Towards Global Regulation 123
   

13 New Tools and Risks in Financial Intermediation in Emerging
Markets: Should Regulators and Raters Adopt New Methods? The Case of Asia 128

   
14 The Role of the Financial Stability Institute of
the Bank for International Settlements 133
   
15
Switzerland and the Challenges of Globalisation 140
   

16 Does the World Need a New Financial Architecture? 145

Lukas Mühlemann  
Analysis of the 1990s financial market
crisis  145
Proposals for a new financial architecture  147

The role of the banks and private creditors  149

Assessment of other reform proposals  152
Switzerland's
contribution  156
Conclusion  156
17 Reform of the
Global Financial System: A View from an Emerging Economy 158
Ali
Muhamad Negm  
Setting better international standards  158

Introducing greater transparency  159
Supervising
banking sector soundness  159
The way forward  159

18 Global Finance Beyond 2000: Implications for Regulation and the
Supervisory Authorities 161
Mikio Wakatsuki  
Financial
globalisation and international cooperation  161
Consolidation
and conglomeration  164
The IT revolution and financial
innovation  167
Part IV Academics' and Researchers' Vantage
Points  
19 Reforming African Financial Markets in the Era of
Globalisation 171
Kpate Adjaoute  
An introductory
perspective on African economies  171
The need for further
financial market reforms  173
Selected areas of focus  174

Reforms and financial market architecture: issues in design  181

Concluding remarks  184
20 Banking Regulation:
Administrative Rules versus Market-based Instruments 186
Robert
Bichsel  
Introduction  186
A rationale for
regulation  187
The limitations of an administrative rule  
188
The contribution of market-based instruments  190

Conclusion  196
21 Credit Risk: The New Frontier of
Risk Management 198
Didier Cossin  
The complexity
credit risk  199
Difficulties that arise with ratings  201

Recent theoretical literature on credit risk pricing  203

Credit risk measurement for portfolios  205

Conclusions  208
22 Banking: Is Bigger Really Better?
209
Jean-Pierre Danthine  
A long, strange trip  
209
Why so big?  211
Big egos  212
Scale
and scope economies  212
May justify the ‘big’, not the
‘mega’  213
A Brand new world?  215
Size as a
by-product  216
‘Conspiring against the public’  217

Conclusion: Is mega too big?  217
23 Turbulence, Crises
and Risk Management 220
Salih Neftci  

Introduction  220
Managing risks  224

Portfolio aspects  227
Measuring the risks of a balance
sheet  228
Volatility dynamics and VaR  230

Another tool: extreme value theory  233

Conclusion  234
24 The Quest for the Optimal Portfolio:
The Example of Investment Funds 236
Nils Tuchschmid  

Investment funds and portfolio management: some theoretical
justifications  237
The investment fund industry: the end of a
golden age?  240
Part V Conclusion  
25 Whither
Financial Intermediation? Managerial and Regulatory Issues 249
Zuhayr
Mikdashi  
Competition and innovation  249

Corporate strategies  253
Risk management  258

Mutations in financial markets  267
Security
concerns  274
Public intervention  275
Financial
stabilisation  291
Conclusion  300
Index  309