By the next quarter, the federal government is expected to pass Bill C-38 which will make additional changes to the Bank Act. Bank mergers will be back on the table this year. The bill will also revise laws regarding bank ownership. Already nine foreign banks are seeking approval to set up branches in Canada under new federal rules that make it easier and less expensive to operate in this country. The second force driving globalization is technology.
Markets are much more fluid and open.
Middleman costs have been squeezed out. And of course the Internet knows no national boundaries. It connects suppliers, producers, retailers and consumers all around the world as easily as someone a few blocks away. In fact, it's used by Merrill Lynch employees all over the world. Remember that technology is an ever-evolving entity.