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• W252625516 abstract "Many regional banks are being forced to deal with foreign securities, which are not well understood or almost 40 years after World War II, American investors only had to go as far as New York to assemble a well-diversified portfolio of stocks and bonds. During this period, U.S. companies dominated world markets in virtually major industry. Today, with the decline of some American industries, such as steel and electronics, and the consolidation of others, such as the airlines, U.S. capital markets no longer provide the diversity they once did. American investors are no longer just buying the stocks and bonds of U.S. companies-they are also investing in British, West German, and Japanese companies. Other changes have also contributed to the globalization of the securities industry. The speed with which information can be delivered permits those who are physically removed from a market to participate in it with less risk. a result of this, it is not just U.S. investors who are diversifying outside their borders. Japanese are investing in U.S. and European firms, Europeans are investing in Japanese and U.S. firms, and so on. Traditional bank customers, both is- suers of and investors in securities, expect their financial institution to provide the services they need to participate in the international securities markets. This has prompted many banks to redefine and expand the services they of- fer-with implications for each of the securities areas within a bank. Although individuals have not moved into global investing as aggressively as institutions, their demand for foreign securities is increasing. Gates H. Hawn, chief operating officer of Pershing, the New York broker/dealer, expects every one of our million and a half accounts to do at least one international trade within the next five to ten years. Competition builds. Trust, custody, and portfolio management services have seen the most dramatic change in customer requirements over the last decade. Robert Boyles, executive vice-president and head of the trust and investment department at Mellon Bank in Pittsburgh, explains: We've seen quite rapid growth in the international investment of corporate pension funds and are planning for exponential growth. Going forward, we expect 10% to 15% of the assets in these funds to be in non-U.S. securities. Large banks have dominated the list of global trust services providers. But smaller institutions are receiving requests from their customers as well. Both internal and external investment advisors for our trust accounts have announced they are planning to invest overseas, says Patricia D. Bragg, senior vice-president in the trust division at First American Bank in McLean, Va. As a result, we have been evaluating the best way to process these trades and safe keep the securities. For the short-term, we have decided to contract with our existing custodian to provide global as well as domestic custody services. But being a successful provider of global securities services is not as simple as adding a few lines to the fee schedule or printing a new brochure. the fundamental services we offer for international securities must be the same as those we offer for U.S. investments, our competition for those customers includes not only U.S. banks but foreign institutions as well, says Boyles at Mellon. And competition is tough. While U. S. investors spent most of this century investing in dollar-denominated U.S. securities, investors in countries with much smaller capital markets were investing globally. a result, foreign financial institutions often have deeper and broader experience in dealing with global securities markets. Global challenges. Several important issues distinguish the business of providing domestic U.S. securities services from the business of global securities services. Operational arrangements. …" @default.
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• W252625516 title "Ready for Global Securities" @default.
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