Financial services-insurance, credit, securities trading, and portfolio management-are increasingly becoming tradable in the modern global high-tech economy. Many countries have liberalized regulatory regimes for trading financial services across borders and via local presence, although the degree of liberalization varies across countries. Multilateral and regional initiatives under the auspices of the European Union, the Organization for Economic Cooperation and Development, and the World Trade Organization have also been instrumental in fostering integration of financial services markets
