From the perspective of national and global resource allocation, both static and dynamic efficiency of financial intermediaries are very important. That is, since Financial services can be regarded as inputs to the real economic process, and national output and income levels and their economic growth rates are directly or indirectly affected. The "slow" financial services sector may be The overall economic performance of a country. Representative of lagging financial system The burden on the end consumer of https://www.easycorp.com.hk/en/deregistration financial services may be reduced Private and social welfare. This also brings burden to producers Their cost of capital and weakened their domestic and Global market. These inefficiencies ultimately distort the distribution of labor As capital. 2 • 6 Globalization of financial services Retail Bank: Online banking (CS Group, Bank-24, E * loan, American Express member B@nking ，ING Direct， Eggs) Insurance: ECoverage (P&C) [Expired in 2002] E Prudential items and variable life Retail Brokers: Electronic brokers (Merrill Lynch, MSDW, Fidelity, Schwab, E * trade, DJL Direct, Consors) Tier 1 capital market: Electronic based CP and bond allocation (UBS Warburg, Goldman Sachs) Electronic based direct distribution: Governments (TreasuryDirect, World Bank) Municipal (Bloomberg municipal, municipal auction, parity) Company (CapitalLink (dissolved), Interest) IPO（W.R.Hambrecht、Wit Soundview、Schwab、E*Trade） Secondary financial market Foreign exchange (Atrix [2002], Currenex, FXall, FX Connect) Government (Bloomberg bond dealer, QV trading system, EuroMTS trade website) Each city (QV trading system, variable exchange rate trading system) Company (QV trading system) Cross matching of government debt (automatic bond system, bond connection, bond network) Municipal debt cross matching (automatic bond system) Cross matching of corporate debt (automatic bond system, bond link, bond link, bond net value limiter, bond account book [invalid in 2001]) Debt dealer brokerage (Brokertec, Primex) Equity ECN (Instinet, Island, Redi Book, B-Trade, Brut, Islands, Strike, Eclipse) Equity cross matching (Barclays Global Investors, Optimark) Research (Themarkets. com) End user platform: Enterprise financing and end-user platform (CFOWeb. com - now disabled) Institutional investors Public utilities Household financial utilities (Quicken 2002, Yodlee. com) Appendix 2.2. Electronic applications for financial services (January 2002). (b) Fact: Changes in intermediary market share. Past developments Decades of intermediary process and system design The location is shocking. In the United States, "commercial banks" - institutions Accepting public deposits and providing commercial loans Market share of domestic financial flows among end users of the financial system From about 75% in the 1950s to less than 25% today. In Europe, this change Less dramatic, the share of capital flows in the balance Bank balance sheets are still well over 60%, but they are still declining. And on In Japan, banks continue to control more than 70 per cent of financial intermediation flows. Most emerging market countries are concentrated in the end of highly intermediary industries, but in many of these economies, the market share of traditional banking intermediaries is also declining. Classic banking functions In short, globally, this number is more or less in a long-term decline. Where did the money go? Disintermediation and financial innovation Expanding global connections have redirected capital flows through securities Market. Figure 2.3 shows the development of the United States from 1970 to 2000, Emphasize the degree of market share loss of commercial banks and institutional investors' income. Although this may be an extreme situation, even in a highly intermediary financial system such as Germany (Chart 2.4), direct shareholding and fund management are the same In the period 1990-2000 alone, this proportion increased from 9.6 per cent to 22.7 per cent.