Address the following points in a paper:
1. Formulate the nature of the global financial system and how this system influences the major financial institutions, such as commercial banks, insurance companies, securities firms, mutual funds, investment banks and finance companies.
2. Develop and frame the potential next major regulatory initiatives in the US financial system. For example, how does current regulation impact the financial system? Does it need to change? If so, how might it evolve? If no change is needed, how might regulatory bodies restructure to improve the overall financial system? How does the U.S. regulation compare to the European regulation?
3. Defend the overall value and ability of the US financial system to compete with similar financial systems of other countries, within the global marketplace—please select at least two.
Support your paper with five (5) scholarly sources. In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included.
Length: 5-7 pages not including title and reference pages
Your paper should demonstrate thoughtful consideration of the ideas and concepts presented in the course and provide new thoughts and insights relating directly to this topic