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Beskrivelse
International financial markets and their participants-financial intermediaries and supervisory authorities-appear to be settling into a more steady pattern of growth and innovation, in marked contrast to the turbulence that characterised the transitional years from 1992 to 1995. In fact, the global financial system appears to have merged stronger and more resilient (rom the costly and disrupt!vecrises of the previous years. The evidence provided by developments in international financial markets since the early 1990s suggests that these markets will continue to become more global and more dominated by institutional investors; that the continuing diversification of institutional portfolios will mean that the exposure of these investors to emerging markets will grow in line with recently established trends; and that global derivative finance will continue to spread. This evolution will take place against the backdrop of improve risk management in the international banking sector, strengthened market surveillance within an adaptive regulatory environment, a more resilient market infrastructure, and with an official sector that has made it a top policy priority to create the infrastructure required for a stable market environment.