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.
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