The most typical characteristics of modern financial industry are financial innovation

financial liberalization and financial globalization

while financial innovation is the cardinal one.It began from the late 1960s’ in developed countries and has changed the financial industry completely.With the continuous emergence of new financial tools

markets and institutions

the developing of financial globalization obtains strong technical support.On the other hand

the financial control releasing in developed countries and financial deepening or expanding in the developing countries gets main impetus.