New Financial Instruments and Institutions: Opportunities and Policy Challenges

Preface

vii Preface The brookings institution and the Nomura Institute of Capital Markets Research have joined in a collaborative project, headed by Robert Litan, Brookings senior fellow, and Yasuyuki Fuchita, director of the Nomura Institute of Capital Markets Research, to conduct research in selected topics of financial market structure and regulation. In October 2004 an introductory seminar was held at the Brookings Institution on the subject of the financial services industry in the aftermath of the GrammLeach -Bliley (GLB) Financial Modernization Act. The papers and a summary of that seminar are available on the website of the Tokyo Club Foundation for Global Studies (www.tcf.or.jp/seminars/2004/20041005.html), which is underwriting this annual forum and publication of a conference volume. A first volume, Financial Gatekeepers: Can They Protect Investors? was published in 2006, featuring papers presented at a conference held at Brookings in the fall of 2005. This current volume is the result of a meeting on September 12, 2006, at Brookings that focused on new financial instruments and institutions. All of the papers and discussion comments represent the views of the authors and not necessarily the views of the staff members, officers, or trustees of the Brookings Institution or the Nomura Institute. The manuscript was edited by Anthony Nathe. Jesse Gurman provided research assistance. Eric Haven checked for factual accuracy, and Teresa Wheatley organized the conference and provided administrative assistance. New Financial Instruments and Institutions ...