First of all, the financial landcape has changed. Until, say, twenty years ago, the financial sector was clearly segmented. There was a distinction between financial intermediaries and financial markets. In addition, there was a rather strict distinction between types of financial institutions: banks, insurance companies and investment funds.
Domestic financial systems were to a large extent isolated from each other, because of capital restrictions and the virtual absence of cross-border mergers between financial institutions. Over the past two decades, this segmented structure of financial markets has largely disappeared.