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1、JodiG.SeariataJodiG.ScarlatawasavisitingscholarattheFederalReserveBankofSt.Louiswhenthispaperwaswritten.DavidH.KellyandLynnDietrichprovidedresearchassistance.InstitutionalDevelopmentsintheGlobalizationofSecuritiesandFuturesMarkets-anINANCIALTRANSACTIONSsuchasthebuy-tionaldeve
2、lopmentsthatareoccurringinworldingandsellingofsecurities,commodities,foreignsecuritiesandcommoditiesmarkets.Itthenad-exchangeandbonds,haveincreasinglyinvolveddressesboththebenefitsofexpandingfinancialindividualsandfirmsfromdifferentcountries.marketsandthecoststhataccompanythe
3、move.Forexample,aJapaneseresidentmightpurchaseRiskfactorsandstandardizationofproceduresU.S.dollarswithJapaneseyen(aforeignex-arehighlightedasissuesofconcernasfinancialchangetransaction)tobuysharesofIBMonthecentersglobalize.Thepapercloseswithadis-NewYorkStockExchange(asecuriti
4、estransac-cussionoftheGroupofThirtyproposalforthetion).Toaccommodatesuchtransactions,futurescoordinationofclearingandsettlementinworldandsecuritiesexchangeshaveexpandedthesecuritiesmarkets.servicestheyoffertheirusers,addingnumerousfinancialinstruments,engagingincooperativeeff
5、ortsacrossexchangesandintroducingcom-puter-basedtechnologies.Theglobalizationofworldmarketsprovidessignificantbenefits,includinggreateropportuni-Thetrendtowardinternationalizationoffinan-tiesforinvestorstodiversifyrisk,andaccesstocialmarketscanbeillustratedbyhighlightingbroad
6、ermarketsfordemandersoffunds.Inter-therapidincreasesintransactionsinafewnationaltradinginfinancialinstruments,how-markets.Forexample,cross-countryactivity,ever,doesposerisks,someofwhichcanbewhenmeasuredasthevolumeofforeigntrans-mitigatedbycoordinationbetweenglobalfinan-action
7、sinsecuritiesofU.S.firms(aggregatecialmarkets.purchasesandsales),grewfrom$75.3billioninThispaperdescribesrecentinstitutionalde-1980to$361.4billionin1990.’Similarly,U.S.velopmentsintheglobalizationoffinancialmar-transactionsinsecuritiesofforeignfirms(aggre-ketsanddiscussesthea
8、dvantagesanddisadvan-gatepurchasesandsales)grewfrom$17.85bil-tagesof
