is to provide customers with financial products and service that cannot be obtained more efficiently by transacting directly in securities markets. The financial intermediaries include the banks, investment companies, insurance companies and credit unions” (Zvi, Bodie et al., 2000: page number 50). Their main products include checking accounts, loans, mortgages, mutual funds and a wide range of insurance contracts. Financial intermediaries issue their own securities to raise funds and to purchase the…
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