"Nowadays, when the international financial sector is experiencing significant changes, the finance industry is being discussed at a global level. The current crisis is the most devastating in recent economic history. Iconic Wall Street institutions, like Bear Stearns, Lehman Brothers and Merrill Lynch, have vanished; the world's largest mortgage insurers, Fannie Mae and Freddie Mac, have been nationalised; and the world's largest insurance company, AIG, with operations in 100 countries and with over 100 000 employees, survives only by the grace of the US Treasury and to the tune of $85bn. The current financial crisis in the US, that quickly spread to other parts of the world, has brought the debate on the polemics of financial globalisation to the fore. The purpose of this research reported in this article is to analyse the benefits and some of the challenges that the financial sector faces under the impact of globalisation and, on the basis of the findings, to put forward offers which will help emerging and developing countries benefit from globalisation. "

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