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sellside (FINA) (IB in Asia Pac (trends and challenges in convergence of…

- - - - communicatin, War for talent, infrastructure, Collegial vs Individual cultures
      - target's understanding of risk and reward
      - aligning incentives
  - - - fid duty: legal duty to protect the client's interest over your own
      - fid duty vs suitbility
  - - - less likely to have conflict of interest because of the variety of products they provide
- - - - rationale for the deal
      - deal structure
      - pricing info
    - - for performance evaluaition
      - for internal purposes
      - for marketing purposes
- - - - regulatory legislation that separates Comm B with IB, in reflex to the stock market crash
      - prohibits comm B from underwriting securities
    - - EU
        
        Universal banking
        
        full range of fin services are under the same entity
      - US
        
        Financial supermarket (FHCs and BHCs)
        
        all available but carried under a different entitiy
        
        banks are prohbited from engaging in secutities activites and other financial services
  - - - pros
        
        simplify regulation and more transparency of depository institutions
        
        Lessens systemic risk
        
        protect depositors, since the business of bank is simple and the depositor's money cant be used for so many speculative activities
      - cons
        
        banks will find loopholes
        
        mimits profit opp and competition
        
        restrics financial innovation
- - - - but independant research firms are on the rise