The General Agreement on Trade in Services (known as the GATS) is an important new element in the international framework that affects the regulation of every WTO Member's financial sector. However, except for a limited number of country-specific case studies, no attempt has been made to compare...

The authors of this brief propose a series of reforms aimed at making bank regulations compatible with the changing financial system. They present evidence to support their contention that change in the market for financial services has reduced the importance of depositories as they have...