In his recent survey, Financial Market Structure: A Longer View (1987), E. Gerald Corrigan of the New York Federal Reserve Bank aptly commented that "[t]he speed and scope of change we are seeing in our financial markets and institutions have taken on a revolutionary character." Inescapable forces of change — technological, economic, and competitive — are at work in the financial services industry, and the barriers between classes of financial institutions are becoming increasingly blurred.

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