In recent years, a number of development trends have been observable in the national and international money, credit, and capital markets that seem to have a lasting impact on the functioning of these markets. Deregulation and liberalization measures are enabling the opening of new markets, such as the D-Mark commercial paper market in the Federal Republic of Germany. At the same time, there are changing requirements regarding the nature and institutionalization of the procurement, processing, and dissemination of information in these markets. The expanded range of investment and financing facilities that has grown in the wake of market internationalization and globalization increases the options available to market participants, but also carries new risks. The assessment of credit risk is increasingly being transferred to specialized agencies in the securities markets.