L'évolution des relations entre émetteurs, intermédiaires et investisseurs

Abstract

The evolution of the relationship between issuers, intermediaries and investors Changes are taking place in the tripartite relationship between issuers (and vendors), intermediaries and investors. As a result of automation and greater sophistication among issuers and investors, the role of investment banks in lead managing offerings is being de-mystified and de-mythologised. However, this is unlikely to lead to full scale disintermediation but rather to a more sharply defined role for intermediaries where their added value is clear and indisputable. There will always be a place for judgement, long experience in the markets and in-depth knowledge of the needs and desires of the ultimate buyers of securities.