20240410--境内外券商发展系列专题（一）：时代洪流中，砥砺前行（境外行业篇）

Investment Rating - The report does not explicitly provide an overall investment rating for the industry, but it highlights the strengths and opportunities in various regions, including the US, Europe, and Japan [1][2][3] Core Views - The US investment banking industry has developed through the alternation of mixed and separate operations, with a mature and diversified market structure [1] - Europe remains the second-largest region for investment banking, with the UK, Germany, and Switzerland each having unique market characteristics and regulatory frameworks [2] - Japan's securities industry has transitioned from strict regulation to market liberalization, with a high concentration of institutional and foreign investors [3] US Market - The US securities market is the largest globally, with a total market capitalization 4.6 times that of China, and a multi-tiered system that fosters a survival-of-the-fittest mechanism [1] - The US has the world's largest derivatives market, with over 70% of global trading volume in futures and options occurring on North American exchanges in 2022 [1] - Financial innovation is vibrant, with diversified revenue sources expanding from traditional stocks to bonds, futures, forex, and more, catering to various client needs [1] European Market - The UK has transitioned from separate to mixed operations through two major financial "Big Bangs," leading to the establishment of the FSA and unified regulatory standards [2] - Germany's securities market is stable, with a universal banking model, but its transformation has been less pronounced compared to other developed nations [2] - Switzerland is the world's largest wealth management hub, with a universal banking model and a significant presence of foreign issuers [2] Japanese Market - Japan's securities market is dominated by institutional and foreign investors, with the latter accounting for about 30% and domestic institutions about 52% [3] - The Japanese securities industry has a high concentration of large integrated dealers, which dominate institutional and primary market services [3] - The industry has adapted to market changes, with a significant and stable share of proprietary trading revenue, particularly due to the preference of individual investors for fixed-price transactions [3]