Poly Financial Reg 3 - International Banking Most major...

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International Banking Most major multinational banks have operations overseas Mergers amongst U.S. and foreign banks Regulatory arbitrage – take advantage of advantageous foreign regulatory regimes
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Global Commercial Banks Holding Co Home Assets ($b) Mitzuho Japan 1,285 Citigroup US 1,264 UBS Switzerland 1,212 Credit Agricole France 1,105 HSBC UK 1,034 Deutsche Bank Germany 1,015 BNP Paribas France 989 Mitsubishi Tokyo Japan 975 Sumitomo Mitsuo Japan 950 Royal Bank Scotland UK 806 Barclays UK 791 Credit Suisse Switzerland 778 Morgan Chase US 771
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Global Commercial Banks Holding Co Home Assets ($b) UFJ Japan 754 Bank of America US 736 ING Bank Netherlands 684 Societe Generale France 681 ABN Amro Netherlands 668 HBOS UK 651 Ind. Com. Bk China 637 Hypo Vereins Germany 606 Dresdner Germany 602 Fortis Belgium 536 Raboank Netherlands 509 Commerzbank Germany 482
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Foreign Activities of US Banks Regulation K of Fed allows national banks with $1 million capital and surplus to establish branches or subsidiaries abroad Bank Holding Company can invest in foreign companies Glass Steagall separation between commercial and investment banking did not apply Foreign subsidiary could carry on underwriting activities An Edge Act Corporation is a domestic corporation chartered by the Federal Reserve of the United States under the Edge
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Foreign Banks in US International Banking Act of 1978 Licensing authority for Comptroller of Currency to license foreign bank branches in the US Equal reserve & regulatory requirements as US banks Glass Steagall would apply equally US and foreign customers would have to deal with the appropriate division of foreign bank
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Securities Markets Foreign Brokers in US Foreign Broker-Dealer Exemption (Rule 15a-6) Permits transactions with US registered broker dealers acting as principal or agent for their customer Unsolicited transactions Transactions with foreign persons temporarily in the US with whom foreign firm has a preexisting relationship Foreign broker-dealers that limit their activities to those permitted under Rule 15a-6 of the Act may be exempt from U.S. broker-dealer registration. The SEC generally uses a territorial approach in applying registration requirements to the international operations of broker-dealers. all broker-dealers physically operating within the United States
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This note was uploaded on 04/05/2010 for the course FINANCE AN FRE6311 taught by Professor Galy,sebastien during the Spring '09 term at NYU Poly.

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Poly Financial Reg 3 - International Banking Most major...

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