As we enter the early 1990s, the second phase of global deregulation gains momentum and cross-border activity in the securities markets has never been greater. Securitised funds are crossing borders at the rate of $12 trn per annum. As pressure on margins increases, there is a new emphasis on trading and settlement systems - as important as the innovation of financial products was in the 1980s.

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Selected contents: The UK Equities and Gilts Market - Lending Securities in Japan - The US Market: Financing Transactions as Short Term Instruments - Germany - France - The Identification and Minimisation of Risk - The Taxation of International Lending