{{B}}wE mEEts thE ChAllEngE oF gloBAlizAtion{{/B}} tEn yEArs Ago, us BAnkErs AnD BrokErs tAlkED ABout gloBAlizAtion.CApitAl BArriErs woulD FAll, thErE woulD BE sEAmlEss 24 - hour trADing ACross timE zonEs AnD Full - sErviCE institutions woulD sErvE FArmErs in iowA to CAr workErs in osAkA、 As thE us CApitAl mArkEts EntEr thE 1990s, thE rEAlity is thAt gloBAlizAtion is still in its EArly stAgEs AnD nExt DECADE As it wAs in thE lAst. thErE hAs, howEvEr, BEEn A quAlitAtivE ChAngE in thE rhEtoriC、 thEn, gloBAlizAtion wAs sEEn in thE us As An opportunity. now thE us is FAr lEss ConFiDEnt oF its ABility to DominAtE thE gloBAl mArkEt AnD is showing signs oF FAlling BEhinD its CompEtitors. gloBAlizAtion is now An urgEnt ChAllEngE. mr.Curtis wElling, mAnAging DirECtor in ChArgE oF EquitiEs At FirstBoston, sAys, "thE us hAs hAD A vEry gEoCEntriC viEw. our hEgEmony ovEr worlD CApitAl Flows wAs Almost rEgArDED As A Birthright.As FAr As importAnt CApitAl Flows ArE ConCErnED, thErE wAs A rEAl DAngEr oF thE worlD pAssing us By. thE us wAs in DAngEr oF BEComing irrElEvAnt." whilE thE us wAs onCE slow to rEAlisE its CompEtitivE position in worlD FinAnCiAl mArkEts CoulD BE EroDED、 mr. wElling BEliEvEs thAt thErE is A growing AwArEnEss oF thE nEED to ACt quiCkly to position thE nAtion’s mArkEts AnD FinAnCiAl institutions For thE FuturE. this ConCErn hAs BEEn CrystAllisED in rEgulAtory initiAtivEs, lEgislAtivE proposAls AnD proDuCt innovAtions. progrEssivE AttituDEs At Both thE us FEDErAl rEsErvE AnD thE sECuritiEs AnDEx- ChAngECommission (sEC、ArE CEntrAl to thEsE EFForts. thE sEC, whiCh hAs just FormED An oFFiCE oF intErnAtionAlAFFAirs, hAs shiFtED into top gEAr to hArmonisE rEgulAtions with ovErsEAs CountErpArts to promotE thE FrEE AnD EFFiCiEnt Flow oF CApitAl. thE nuts AnD Bolts oF ClEArAnCE AnD sEttlEmEnt, For ExAmplE, ArE A priorty. mr. wElling oF FirstBoston, puts thE ChAllEngE in grAphiC tErms: wE hAvE gonE ABout As FAr As wE CAn go with BroADBrush ConCEptuAl DEsCriptions oF thE gloBAl mArkEt. wE CAn sEE thE housE, it looks grEAt But noBoDy CAn livE in it until thE plumBing AnD ElECtriCity is in plACE. in spitE oF All thE tAlk oF thE gloBAl mArkEts, it is stArtling thAt us pEnsion FunDs hAvE CommittED lEss thAn 3% oF thEir 2 600 Billion in AssEts to non - us sECuritiEs. onE kEy rEAson For this is thAt invEstors AnD trADErs hAvE to nEgotiAtE A minEFiElD oF DiFFErEnt rEgulAtions whEn opErAting in ovErsEAs mArkEts.

whiCh oF thE Following stAtEmEnts is truEA．thE sEC、hAs sEt up A spECiAl BoDy to work on institutionAl mAttErs.
B．DEtAils on how to movE CApitAl BEtwEEn CountriEs ArE FinAlisED、
C．mr. wElling FEEls morE work is nEEDED on thE gloBAl mArkEt ConCEpt.
D．"nuts AnD Bolts" (linE 53) AnD "plumBing AnD ElECtriCity" (linE 62 - 3) hAvE similAr mEAnings.