Financial Services Industry

Financial Services Industry Report

Financial Services Industry Report

Intro

With the opening of global markets financial institutions have been playing a key role in globalizations. From securities, stocks, investments, financial institutions have opened markets. For instance in Europe, financial and governmental agencies have established a currency, electronic foreign exchange trading. The World Trade Organization, (WTO) has established markets that are constantly debating ethical issues. World-wide tragedies make financial institutions a key player in relief efforts, such as hurricanes, earthquakes, and other natural and world-wide conflicts. The World Bank plays a major role in debt relief as well. There are many roles that financial institutions have on the global economy.

Technology in Foreign exchange trading and Capitalism Possible: Changes over the Next Decade

"The Internet, together with deregulation and globalization, has engendered a wave of hyper competition that includes the emergence of new exchanges, markets, and distribution channels providing opportunities for cost reduction and Strategic advantage" (Gallagher 81). The Bank for International Settlements (BIS) recently reported that the foreign exchange also known as the forex is at 1.2 trillion daily turnover(81). Capitalism continues to spread throughout the world with it's pros and cons. The con's are ethical and moral, and the pro's are economic growth for the underdeveloped. Capitalism's brute force can be socialized into something more responsible and moral. Application of a stewardship ideal to business rationality can make a difference...companies can meet their responsibilities to all stake holders"(Young 14). Wealth needs to be given to the under-developing countries as a principle. Labor relations should protect workers and help them with financial credit and investment.

Global Capital

Asia markets are one of the booms that are going to be part of major financial globalization. At the International Futures Industry conference held by the Futures Industry Association, exchange and clearing executives from all over the world discussed the global futures in the market. Asia was a big highlight of the conference which focused on regulation and international capital markets. Sharon Brown of the Commodity Futures Trading Commission (CFTC) states "Today, more than ever, US business sell their products and services over seas, rely upon foreign resources and access international capital markets" (Jaworski 29). It is important to establish financial institutions that bring up the standard of living in these areas of the world.

World Social Reform and Global Politics

Trade agreements that involve international financial institutions and transnational corporations, taking advantage by moving investments to cheaper labor such as third world companies, have been in debate and scrutinized by activists around the world. An annual meeting held at World Social Forum discussed international