Globalisation exerts enormous influence on the financial markets but free, international supply of services requires the abolition of numerous barriers. Such a process is currently taking place under the patronage of the WTO. The members of the WTO also become parties to the General Agreement on Trade in Services (GATS). A very large number of states, which included banking and insurance services in their lists of specific GATS commitments, indicates the readiness of GATS parties for a relative opening of the financial sector to foreign competition.

The scope of this sort of declarations varies significantly though from country to country, which bears witness to the protectionist activities of particular governments. A gradual removal of ensuing barriers, i.e. a wider opening of the markets and also a greater capability to treat foreign service providers equally with domestic companies are the main objectives of the GATS talks held since 2000 as part of the Doha round.

The negotiations also strive to bring the effect of increasing the transparency of internal regulations and more common acknowledgement of foreign rules of supervision and prudence. The achievements of the negotiations so far have not been very impressive. It is to be expected therefore that the process of globalisation of trade in financial services will also be the subject of talks held as part of the next WTO rounds.