This book measures and explains the performance of major competitor countries in international financial services. Covering the markets for foreign exchange, mergers and acquisition advice, syndicated loans, Eurobonds, international equities, Eurocommercial paper, and Euro paper notes, the author assesses performance on the basis of the shares of the major institutional players in the United States, Japan, the United Kingdom, and Europe. Explanations for the contrasts in national performance are sought through interviews with senior officials of financial institutions operating in selected markets. The role and importance of a number of explanatory factors are then examined, including the structure of national banking sectors, capital inputs, technology, regulation, and domestic economic conditions. The book concludes by asking how the banking sectors of different countries are likely to fare as international trade in financial services is liberalised.