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80年代,经济合作与发展组织(OECD)成员国的证券及其派生工具市场经历了一个迅速增长和结构转变的时期。新证券的发行量及二级市场交易量猛增,股指上升,所有OECD国家的证券市场在金融中介的地位越发突出。然而证券市场的转变远不止简简单单的规模扩张,更具有意义的是有关证券业性质的基本转变。随着OECD国家逐步放宽对金融机构行为的约束与市场竞争的日益激烈化,一场金融机构自我维持的革新由此而开始了。在这场革新中,新的金融工具技术和策略迅速被引进和发
In the 1980s, the markets for securities and derivatives markets in OECD member countries experienced a period of rapid growth and structural change. The issuance of new securities and the sharp rise in the secondary market trading volume have led to the rise of the stock market in all OECD countries as a financial intermediary. However, the change in the securities market is much more than a simple scale expansion. What is more significant is the basic change in the nature of the securities industry. With the gradual easing of restrictions on the behavior of financial institutions and the increasingly fierce market competition in the OECD countries, a self-sustaining reform of financial institutions began. In this revolution, new financial instrument technologies and tactics were quickly introduced and developed