Mixed industry and the financial industry at the turn of the screw

The world's financial industry in general has experienced integration, separation, re-integration of the development process, the banking industry is a simple mixture from the initial operation to senior management of the industry breakdown spiral process. In a modern market economy the financial sector in the development process has two main business models: A is for the representatives of the German model of the bank - two industry has always been together; one is the United States, Japan as the representative of the mixed sector -- The industry - bancassurance. The financial industry or mixed-business system is a specific financial system, as in other systems, along with economic, political, social, technological, and ideological factors such as changes in the system the main impact of the industry or the financial system also mixed Will follow "a balanced system - the system of non-balanced - a balanced system -……" This path changes. U.S. financial system is the world's recognized fairly complete, standardized and effective financial system. U.S. financial regulatory system changes and evolution of the world's financial industry is the development of a representative microcosm. Before the 1930s, the U.S. financial system is essentially unregulated, free competition is the prevailing view at that time. In order to maintain a sound and efficient banking system, only implemented the minimum order management in order to maintain competitiveness. At that time, U.S. commercial banks for deposits and loans and investment banking business (securities) is the mutual penetration. Most commercial banks, either directly or through its subsidiary bodies in the securities investment business. Investment banks in underwriting stock and debt underwriting business at the same time, some commercial banks also operate the business. At this point, the implementation of the United States is a mixed operation system. 1929-1933, a comprehensive and profound crisis on the U.S. financial system caused a serious impact, Bank of America a large number of bankruptcy, monetary and credit system of the securities market brink of collapse. After 30 years of great crisis, people on free competition in the financial markets have the advantage of the doubt that the financial system is inherently unstable. As the fragile banking system brought about a huge negative externalities, then the recession in terms of the economic situation is worse, the public, the financial industry and government have a strong system changes the motive in the hope of a new institutional arrangements to maintain The banking system's safety and soundness, to avoid the collapse of the banking chain of negative externalities this system has become the biggest changes in income. To ensure that the public financial system and the nation's confidence in the money supply, the financial supervision and the dominant ideology has also undergone a fundamental change: from free competition and the government's non-intervention, the financial industry to limit excessive competition and to protect the soundness of the financial sector operators. In this context, the new President Roosevelt issued a series designed to thoroughly reform the existing financial system and monetary policy package of financial reform measures in an effort to rebuild the U.S. financial system. Thus began the most important in U.S. history, a financial system changes, the establishment of strict separation of silver card system to enable the United States really started a business at the course. The financial reform of the main objectives is to strengthen the supervision of the financial industry, to regulate the banking and securities industry conduct of operations; financial services to professional division of labor system and the establishment of a deposit insurance system, so as to achieve stability in the financial industry and economy, and prevent crisis目的. In order to safeguard the implementation of financial reform measures, the U.S. government issued a series of decrees on the banking system reform, aimed at constructing a new banking system. The most significant is the representative of a June 16, 1933 through the "glass - Sidigeer bill" (Glass-steagall Banking Act), also called "1933 Banking Act." This law is based on a judgement, that is, if the disconnect banks, insurance and securities market linkages, the cycle of crisis can be interrupted, then the stock market crisis would not necessarily evolved into the country's economic crisis. It marks the establishment of the United States at the formal establishment of the economic system. "1933 Banking Act" 16,20,21,32 provisions of a strict separation of requirements: commercial banks can not conduct business stocks, bonds and other underwriting, acquisition business, in addition to the purchase of government bonds, or securities business Investment and other long-term investment operations at the same time, as securities brokers and dealers of investment banks, can not operate commercial banks for deposits and other business. This sub-system business purpose is to prohibit commercial banks to get involved in high-risk investment banking business, so as to avoid creating a large number of non-performing assets and jeopardize the interests of depositors and the banking system. Georgia - U.S. financial Andean law is the law on a "milestone." It not only marks a modern commercial bank of the separation of modern investment bank, also shows that the pure sense of the commercial banks and investment banks was born. "Glass - Sidigeer" The introduction of the system change from the "cost - proceeds" of perspective, not many scholars now appears to be accidental, but in Bishi He is logical and inevitable choice. Following the grid - Sri Lanka Act, the U.S. Congress have also promulgated the "Securities Exchange Act of 1934", "investment company law" and a series of bills, and gradually formed a sub-sector financial management system. Also in the U.S. Congress in 1956 passed the "Bank Holding Company Act" (Bank Holding Company Act 1956), plug the banking holding company shares to holders of securities institutions indirectly engaged in the securities industry loopholes and further isolation of the commercial banks and investment banking business . 1956, "Bank Holding Company Act" in 1970 (the "Bank holding company Douglas amendment") has been further amended. In 1987, Congress passed the "Bank of fair competition law" (Competitive Equality Banking Act) to plug the grid - another loophole in Slovak law, namely through the establishment of "non-banking sector banks" (Non-Bank Banks) to indirectly engaged in the banking industry.