The modernisation of the German capital market, Finanzplatz Deutschland, is under way. In the course of the 1990s, efficient organisational structures of stock and futures exchanges have been established and various equity market segments introduced. The evolution of financial markets in Germany is encouraging, even though large gaps, such as corporate bonds and mid‐caps, remain. The regulatory framework has been adjusted too. Banking, insurance and securities trading are now fully covered by prudential control and supervision. The mutual fund industry has also been put on a more liberal footing, yet the legal basis for pension funds still needs to be set up. Some centralisation and streamlining of supervisory institutions along British lines may well become appropriate, once the impact of European Monetary Union (EMU) is felt more clearly.
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