Financial markets are among the dazzling creations of the modern world. John Maynard Keynes once remarked that the stock exchange was merely a beauty contest and the curse of capitalism, and yet no country has abandoned socialism for capitalism considers having achieved its goal before having a financial market. Other countries, those in developing countries, are not the exception.
In the banking system, the traditional activity consists in collecting funds, in particular
deposits with surplus agents, to make them available to those who are in need. This classic way
of doing things has been made even more complex by the creation of the stock market, by
financial globalization and not to mention the multiple crises that the world has experienced
since the crisis of 1924.