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Since the 1970s , the international financial markets, the three most significant changes are: asset securitization, financial market internationalization and online transactions. Advances in computer technology is an important material basis for these changes .

1,资产证券化。证券化是将非流动性金融资产转变为可交易的资本市场工具。由计算机纪录，金融机构发现他们可以将多种形式的债务组合绑在一起，集合利息和本金，再将其卖给第三方。证券化开始于70年代，现在2/3的固定抵押品都被证券化了。比如80年代中期兴起的汽车贷款，1985年证券化的汽车贷款只发行了90亿美元，1986年就发展到了100亿美元。

① asset securitization . Securitization is the illiquid financial assets into tradable capital market instruments . By the computer records , financial institutions found that they could be tied to various forms of debt portfolio , a collection of interest and principal , and then sell it to a third party. Securitization began in the 1970s , and now 2 /3 of the fixed collateral are securitized . Such as the mid-1980s the rise of auto loans , 1985 securitized auto loans issued only $ 9 billion , in 1986 on the development of the $ 10 billion . Computer technology also allows financial institutions tailored to the specific needs of the market securities, collateralized debt collection are examples . Computerized collection of mortgage debt that can be divided into several stages . Depending on the risk each grade level to get different benefits.

2,计算机技术是网上交易的关键。网上交易可以使大宗的股票及其它有价证券买卖通过网络进行。大大节省了交易成本。同时它还打破了参与交易者在地理上的局限性，使得交易者无论身处何地都可以即时参与交易。

② computer technology is the key to online transactions . Online trading can make the bulk of trading in stocks and other securities through the network . Significant savings in transaction costs. It also broke the traders involved in the geographical limitations , making traders wherever they are instantly involved in the transaction . Although the network security issues still exist, but the stock market online trading and other types of e-commerce are considered as broad prospects for development.

③ computers and advanced electronic communication technology or the internationalization of financial markets and an important driving force . Technology allows a trader can pass in the world stock prices and real-time information . Traders can not market turnover time constraints, low-cost international exchanges to make foreign investment more easily. Electronic stock market began in 1971 , the United States Association of Securities Dealers Automated Quotation System that NASDAQ became the world's first electronic stock market . In Europe , stock electronic process began in 1986 . Britain established a new " Stock Exchange Automated Quotation System ," to satellite link with New York and Tokyo for connected computer , 24 hours a day to achieve a global securities trading .

These changes make the financial system has also changed accordingly , including:
① larger debt market , more and more began to be traded debt instruments . Advances in information technology reduces the information asymmetry in financial markets , reducing the adverse selection and moral hazard problems . Previous financial institutions' balance sheet assets can now be traded , financial institutions through unbundling and repackaging of risk , making the information becomes opaque assets sufficient securities, transaction costs also declined . Lower transaction costs 本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。