Depositary institutions over the last 15 years have increased the share of non-traditional revenue in total income.While the change in business models is a global phenomenon, it is more pronounced in countries such as the U.S., France and the U.K. In this study, we examine whether market structure can help explain the cross-country variation in...

This paper examines the role of Basel Pillar 3 risk reporting in improving market transparency. Pillar 3 reporting requirements vary widely across countries. This study informs regulators and market participants on the efficacy of Pillar 3 risk reporting with several policy implications.