Arab Banks Adapting to New Trends in the International Financial Centers

Abstract

It started in New York with the abolishing of the fixed commissions in 1975. They called it “May Day.” It later moved to London, and by October 27, 1986, the “fixed commission-single function era” came to an end. They called it “Big Bang.” This has obviously put pressures on other countries and markets in Europe, leading to what can be called “European Bang.” These pressures are being felt increasingly worldwide at present as financial authorities face the choice of either matching the liberal terms elsewhere or seeing business move away, leading to what can be termed as “Global Bang.”