ABSTRACT
Banks are the intermediaries and participants in most financial transactions. They organize the financial space by developing new products, markets, trading forums and rule sets. These aspects are largely unknown to the small investor. S/he knows the bank as an office on a street corner or in a shopping mall, a place to deposit and retrieve money, make payments and occasionally ask for a loan. This image contains many key ingredients but is too narrow for professional use. Regulators, in particular, who must monitor and supervise the activity are keen on a comprehensive view from which to carve out their own domain. Our discussion benefits from a similar vision, and some historical background helps us to understand the current situation and future trends.
