What if…

“Ronald Coase, the economist, famously observed that private companies are different, because they are not the only place to do business. An alternative to costly and complex banks is an atomised market, where individuals and institutions do business without a large financial intermediary. Banks may merge to survive this inevitable transition; but in the long run many of their functions will disappear…the core functions of any Wall Street Bank cannot remain inside the same complex and costly shell forever.”
- Frank Partnoy, FT, April 5th, 2005

Last spring I wrote a fictional article titled “Through the Looking Glass”, with the goal of provoking reflection on the future of the investment banking and securities intermediation businesses. (The article was published in Euroweek.) But to be candid I was surprised and a bit disappointed at the lack of reaction or debate that the article engendered. Perhaps it was because it was published in specialist journal? or perhaps because it was perceived by those in the industry (99+% of the readers of Euroweek I would imagine) as too far-fetched as to merit any serious discussion? While it is obvious that the various combinations and the exact timeline are extremely unlikely to play out in the way I imagine in the article, the general premise that I sought to present through this conceit is entirely plausible and worthy of further discussion and debate in my opinion. So in the hope of reaching a wider audience through a more engaging and friendly medium, the article has been adapted into a short film.

Enjoy and if you think I am crazy, I’ll hope it is the right kind of crazy!

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