The integrated model has been bruised and battered by scandals, by fast technology that has rendered old trading methods obsolete and by the current banking crisis.
由于丑闻频发、导致旧有交易手段不断过时的新技术以及当前的银行危机,混业经营模式已经体无完肤了。
But investment banks retain the permission of regulators and clients simultaneously to serve issuers and investors. This gives them protection from disintermediation and an information edge over other market participants. The challenge for today’s investment banking leaders is to use this opportunity and re-emerge as the cutting edge of the financial services industry.
但是,监管机构和客户仍然都允许投行同时为发行方和投资者提供服务。这一局面使投行不必实行“非中介化,并且相对其他市场参与者享有一种信息优势。对于投行领袖而言,挑战在于如何利用这一机遇,重新成为金融服务行业中的尖兵。
The writer’s latest book is ‘Reckless: the rise and fall of the City’
本文作者的新书为《Reckless: the rise and fall of the City》。
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