Le renforcement de l'interdépendance et des liens réciproques entre les banques, les marchés financiers, les sociétés d'assurance et d'autres institutions financières comme les fonds d'arbitrage ont entraîné une convergence croissante des institutions et des produits dans la zone de l'OCDE. Dans un certain nombre de pays de l'OCDE, il est en effet devenu normal pour les institutions financières de constituer de grands groupes proposant toute la gamme des services financiers. La convergence institutionnelle s'est aussi manifestée par un reflux, dans certains pays ou territoires, du modèle traditionnel de la banque universelle. De plus, à partir des années 80 et 90, on a pu observer dans toutes les juridictions un renforcement et une multiplication des liens entre les banques et les marchés financiers. Ce processus, fortement favorisé par l'introduction de nouvelles procédures et techniques de gestion des risques ainsi que par les innovations financières, s'est poursuivi sans interruption jusqu'à ce jour.%Increased interdependence and inter-linkages among banks, capital markets, insurance companies, and other financial institutions such as hedge funds, have led to growing convergence among institutions and products in the OECD area. In a number of OECD countries the norm has become for financial institutions to form large groups that offer the full range of financial services. Institutional convergence also manifested itself by the diminishing role in some jurisdictions of the traditional universal-bank model. Moreover, starting in the 1980s and 1990s, one could observe in all jurisdictions stronger and growing links between banks and capital markets. This process, strongly supported by the introduction of new risk management procedures and technologies and financial innovations, continued without interruptions to this day. While financial convergence has resulted in more efficient markets, it has also created new challenges for financial institutions, regulators, supervisors and international standard-setters. Recent developments have highlighted various governance challenges facing internationally active complex financial groups, including the adaptation of risk management techniques and procedures to the structure of such groups. Looking forward, it seems unlikely that the pace of overall financial sector convergence will slow down. The example of Basel II shows that public policy can continue to play a facilitating, or even encouraging, role via the adoption of global standards. Change and adaptation is underway within each type of financial system (relation-ship based and arm's-length systems) and what will emerge in the end will be essentially market-determined (although political interference still plays an important role). It seems perhaps to be less clear than in the past whether there will be a continuation of the growing trend towards the fully integrated conglomeration model. The trend to large complex organisations that offer the full range of products may be replaced by more flexible and less integrated financial groups that offer a more limited range of core services.
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