Abstract and Keywords
Securities markets exist to serve the needs of governments and businesses on the one hand and investors on the other, and the role that they played was a product of the balance between these two needs. Securities market had to compete for business with government finance and the intermediation of banks while investors could invest directly in business or property or save with banks. Those providing the market for securities also helped determine its shape. In some countries, that shape was left to self-regulation, while in others there was a considerable government intervention, often driven by events such as wars and financial crises. The result in some countries was the emergence of banks that controlled all aspects of the securities markets while for others the business was distributed between specialist intermediaries such as investment banks, brokers and dealers.
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