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These forces suggest that in the future fis that have

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Unformatted text preview: estructuring Regulation in the European Monetary Union,” Journal of Financial Services Research 19, February 2001, pp. 57–82. sau86198_ch01.qxd 4/21/02 8:52 PM Page 21 Chapter 1 Why Are Financial Intermediaries Special? 21 Summary This chapter described the various factors and forces impacting financial intermediaries and the specialness of the services they provide. These forces suggest that in the future, FIs that have historically relied on making profits by performing traditional special functions such as asset transformation and the provision of liquidity services will need to expand into selling financial services that interface with direct security market transactions such as asset management, insurance, and underwriting services. This is not to say that specialized or niche FIs cannot survive but rather that only the most efficient FIs will prosper as the competitive value of a specialized FI charter declines. The major theme of this book is the measurement and management of FI risks. In particular, although we might categorize or group FIs and label them life insurance companies, banks, fi...
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