International capital market: some emerging issues
In recent years, capital market has been one of the most significant and gradually growing sectors of international finance. Rapid progress in technology, competition, new automated trading systems, securitisation and disintermediation, deregulation, tax consideration, international diversification, derivatives, off balance sheet activities, the expansion of bond market, concentration of investment power within institutions have markedly accelerated the true globalisation of capital markets. With a record level of cross-border investment and trading this market boundaries now extend beyond national limitation. Borrowers and securities issuers are increasingly seeking funds across national boundaries ; savers and investors are increasingly prepared to channel their capital flows across those same national boundaries, and the financial services firms that intermediate or facilitate the flows of funds between the users and the providers are increasingly operating and operating their services in multiple countries.1 All these dynamic developments contributed considerably to the creation of today's capital market in international trading arena. The present study is devoted to this pursuit. It is divided into four parts. Part I considers the impact of globalisation of capital market. Some impediments to this market have been identified in part II. Part III provides some way outs of these impediments, while part IV presents a conclusion.