Numerous international financial markets and international financial institutions today are represented in the global economic complex by a wide variety of types and types of actors. This often causes difficulties in accurately determining the main type of activity of such an institution, therefore, there is a need to bring some classification of these institutions operating at numerous sites, including those where international securities and international bonds are operated. As a criterion underlying the classification, we can consider the degree of integration of financial resources of institutions in the joint business group and the stability of the educated structure.
According to this approach, three forms of integrated structures are distinguished: with a low degree of integration of economic resources into a single system; medium degree of integration; highly integrated business units.
It is also necessary to additionally introduce a restriction based on whether these structures are involved in creating bank value or completely form the supply chain, which characterizes their commercial orientation and excludes from a further analysis a number of traditional associations (unions, guilds, cartels, etc.). The named associations do not integrate economic resources, pursuing the common goals of their members. Commercial activities are not their main goal.
Thus, low-integrated structures should include new forms of integration - network, virtual structures and some types of strategic business alliances; to medium-integrated ones, strategic alliances in the form of joint ventures (JVs), as well as classic forms of capital consolidation, namely financial and industrial groups, holdings, concerns, transnational and multinational corporations and banks; to highly integrated structures - strategic alliances with the mutual participation of capital and business units created through mergers and acquisitions.
The above classification allows us to trace the evolution in the genesis of forms of capital integration. So, medium-integrated and highly integrated structures are the classic forms of banking associations that actively functioned in the 19th-20th centuries, when international securities were widely used. At the same time, low-integrated forms — virtual enterprises, network business structures, and the most flexible form of company integration in terms of its capabilities — strategic alliances — are becoming very widespread at the present stage. This happens precisely because these very international securities have already become quite a common financial instrument everywhere in the world. The indicated forms of enterprise transformations are the main ones in the world practice, and at the present time, managers of the largest banking associations give an increasing preference to the latter as more flexible and reversible forms of integration.
The considered types of integration pursue different goals, differ in terms of existence and have different functioning results. So, virtual financial networks are aimed at the most complete realization of their resources. The education groups that are part of the group are not bound by legal obligations for the terms of joint work, which makes this type of integrated structure flexible but unstable. However, international securities in the activities of such entities are so far limited. A strategic alliance takes various forms: from an agreement on joint research and development to the merger of banks and companies into a single economic organism with close mutual property ties. A wide variety of specific forms of alliance makes this type of integration preferable. The Alliance provides for the possibility of reversibility of the decisions made, since it includes companies voluntarily and on mutually beneficial terms. However, this structure is the most difficult to control and manage, since it involves a combination of conflicting: partners' interests. Mergers / acquisitions is a type of integration that is not related to the duration of existence and specific goals. The main results that corporate managers are counting on when making decisions on mergers / acquisitions are: achieving synergies, reducing costs and rapidly growing capital.
Thus, at the present stage of development of the world economy, large financial and industrial groups of the above types begin to play an increasing role. The largest companies, having exhausted the possibilities of organic growth, use mergers and acquisitions, as well as the formation of alliances of structures of various types to strengthen and maintain competitiveness in the global financial market.