Financial Stability Institute Occasional Paper No 2 The transformation of the financial services industry H Onno Ruding, Vice-Chairman, Citibank March 2002 The views expressed in this paper are those of their author and not necessarily the views of the Financial Stability Institute or the Bank for International Settlements. Copies of publications are available from: Financial Stability Institute Bank for International Settlements CH-4002 Basel, Switzerland E-mail:
[email protected] Tel: +41 61 280 9989 Fax: +41 61 280 9100 and +41 61 280 8100 This publication is available on the BIS website (www.bis.org). © Financial Stability Institute 2002. Bank for International Settlements. All rights reserved. Brief excerpts may be reproduced or translated provided the source is cited. ISSN 1020-8461 Foreword It is a pleasure for me to introduce the second occasional paper published by the Financial Stability Institute. Apart from creating an awareness of, and providing information on, topics of interest to financial sector supervisors, these papers are also intended to provide food for thought on issues currently driving change in the financial sector. In many cases supervisors will be required to respond to these changes, often in ways that have far-reaching implications for financial markets. The Financial Stability Institute believes that Dr H Onno Ruding, currently Vice-Chairman of the Citibank Group and formerly the Minister of Finance of The Netherlands, is ideally placed to provide a balanced view on the topic of the transformation of the financial services industry. He has been exposed to the workings and vagaries of financial markets from both the public and private sectors.