At its most fundamental level, international banking and finance involves two things: cross-border
financial transactions and associated payments, and the cross-border establishment of premises. In
recent years there has been an explosion in both types of activity and, with it, the need for
international agreements as to how the business of international banking and finance should be
conducted. It would be impossible in one paper to provide a comprehensive survey and assessment of
all the developments in recent years. They range in scope from private cooperative agreements to
international treaties signed by sovereign nations with identified courts of appeal and specified powers
of enforcement. Nor is it possible to narrow the scope of the survey by focusing solely on formal
treaties signed by sovereign nations. Not only are these few in number – indeed, the financial services
provisions of the NAFTA set a precedent, of sorts – but such treaties are not responsible for all (or
indeed even most) of the recent advances in this area