An Introduction to Global Financial Markets by Stephen Valdez, Philip Molyneux

By Stephen Valdez, Philip Molyneux

An advent to worldwide monetary Markets presents scholars with a one-stop advisor to finance and monetary markets world wide. Requiring no earlier wisdom of the topic, the authors comprehensively disguise a large variety of other varieties of banking, markets, foreign currency and spinoff items. Incorporating contemporary occasions and present advancements in finance, and utilizing modern examples, this ebook presents the ideal, up to date advent to this fast-moving subject.

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Crédit Agricole has 39 regional banks and is the largest high-street banking group, handling some 24% of the domestic retail banking market. In 1996, it bought Banque Indosuez, and in 2003, the troubled Crédit Lyonnais. At the start of 2013, Crédit Agricole had a 22% share of deposits, over 7,000 branches and assets over €2 trillion. In addition to this business in France, it has operations outside France that generate just under 30% of its turnover. There is one standalone cooperative organization in France – Crédit Mutuel – and the merged savings bank/cooperative bank Groupe BPCE.

The United States, the United Kingdom, the Netherlands, Switzerland and Japan have a strong tradition of pension funds and invest the money paid into either private pension plans or employers’ pension schemes. In France, the state takes care of most pensions and pays them out of current taxation, not out of a fund. In Germany, company pensions are important, but the company decides on the investment, which may be in the company itself. Where pension funds exist, these funds, along with those of insurance companies, are key determinants of movements in the markets.

There are two further relevant terms here – ‘retail banking’ and ‘wholesale banking’. Retail banking involves high-street branches, which deal with the general public, shops and very small businesses. The use of cheques and plastic cards is normally of crucial importance; for example, 876 million cheques were written in the UK in 2012 (as opposed to 3,800 million in 1991). At the same time, some 10,300 million card-based transactions took place at point of sale, of which around 76% by value were debit cards.

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