Operating System Of The U.s. Financial Sector Research

In November, 1999, Cliton—the president of USA, signed" Financial Ser-vice Modernization Act" which marked the termination of "Separated Run" which has been carried out in USA for over half a century and immitated ty other countries. This Act will result in a financial revolution in USA even throughout the whole world,including financial system reformdinancial insti-tutional restructing financial services innovation and operation considerations adjustment. Furthermore , it'll exert significant influence on the development of future global financial industry, china's present " Separated Run" draws lessons from American pattern to great extent , Although the trend of "Com-prehensive Run" becomes more apparent. Therefore ,studying the financial op-eration system is of great importance not only in practice but also in theory.This paper discusses the inner inevitability of finance's switching from" Separated Run"to "Comprehensive Run" using transaction cost economics and cost—return approach as analysing instrument. Based on the above ,it analyses the development of American financial operation system,comments on "Finan-cial Service Modernization Act" and finally elaborates how China shouid face such development in global financial operation system. Personally,l think it re-quires certain conditions ,although it is a world—through trend. It demands not only the maturity of macro—adjustment and financial supervison level ,but mi-cro — conditions such as financial institutions ~clear property titles good gover-nance constructure and sound internal control mechanism as well. At present we can only follow the way of"Separated Run" ,but we should head for "Com-prehensive Run" under the framework of "Separated Run".