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Investment banking
An investment bank is a financial institution that assists
corporations and governments in raising capital by underwriting
and acting as the agent in the issuance of securities. An investment
bank also assists companies involved in mergers and acquisitions,
derivatives, etc. Further it provides ancillary services such as
market making and the trading of derivatives, fixed income
instruments, foreign exchange, commodity, and equity securities.
Unlike commercial banks and retail banks, investment banks do
not take deposits.
To provide investment banking services in the United States an
advisor must be a licensed broker-dealer. The advisor is subject to
Securities & Exchange Commission (SEC) (FINRA) regulation[1].
Until 1999, the United States maintained a separation between
investment banking and commercial banks. Other industrialized
countries, including G7 countries, have not maintained this
separation historically. Trading securities for cash or securities
(i.e., facilitating transactions, market-making), or the promotion of
securities (i.e., underwriting, research, etc.) was referred to as the
"sell side".
Dealing with the pension funds, mutual funds, hedge funds, and the
investing public who consumed the products and services of the
sell-side in order to maximize their return on investment
constitutes the "buy side". Many firms have buy and sell side
components.
Contents
􀂄 1 Organizational structure of an investment bank
􀂄 1.1 Main activities and units
􀂄 2 Core investment banking activities
􀂄 2.1 Front office
􀂄 2.2 Other businesses that an investment bank may be
involved in
􀂄 2.3 Middle office
􀂄 2.4 Back office
􀂄 2.5 Chinese wall
􀂄 3 Size of industry
􀂄 3.1 Vertical integration
􀂄 3.1.1 2008 Financial Crisis
􀂄 4 Possible conflicts of interest
􀂄 5 Further reading
􀂄 6 See also
􀂄 7 References
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