2012 | OriginalPaper | Buchkapitel
Balance Sheets: The Key to Understanding Transforming Financial Intermediaries
verfasst von : Brian Scott-Quinn
Erschienen in: Commercial and Investment Banking and the International Credit and Capital Markets
Verlag: Palgrave Macmillan UK
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‘Intermediation’ means standing between. There are two ways of standing between. The first involves simply acting as a means of bringing two people together after which the intermediary drops out and the two sides then conduct their business. For example, a dating agency which brings together people of the opposite sex drops out as soon as they have been introduced. Similarly a stockbroker introduces a buyer and a seller of a security then drops out as they transact with each other. This kind of intermediation does not require that the intermediary has a balance sheet. I discuss this kind of intermediation, known as broker or agency intermediation, in more detail later.