What are the forces driving the change? How do they affect the market players and the market structure? On these I would like to provide some views. BIS Review 81/2001  1  •  The main forces that are reshaping the securities industry are: technological progress, deregulation, and globalisation.
In the euro area, the euro is an additional, very powerful, force, which, in my opinion, makes the pace of change much faster. As a result, there are several "trends" in the market structure that need to be considered. •  A first trend is the increasing blurring of specialisation, i.e.