ABSTRACT
This introduction presents an overview of the key concepts discussed in the subsequent chapters of this book. The book argues that international equity transactions, including cross-border transactions in secondary markets and new issues offered to investors under one of several different "globalized" distribution techniques. It shows that New York, unlike London, is a relative latecomer to international financial transactions. The book deals with a note of caution, however, warning that the international financial community has become highly mobile and that New York will need to be attentive to adverse changes in taxation and regulation that could quickly undo the city's current advantage. It focuses on US commercial banks and examines several measures of competitiveness, including not only traditional measures of "firepower" but also indicators of "placing power," cost competitiveness, productivity, profitability, international market presence, and innovativeness. The book also argues that the daunting task for regulators is to design an "optimum" structure of regulation.
