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Updated: July 27, 2025
In the first stage ... there is a proliferation of standardised securities such as futures. These securities make possible the creation of custom-designed financial products ... In the second stage, volume in the new market expands as financial intermediaries trade to hedge their market exposures.
Up till then, the nobility and the States General had worked more or less together, acting as intermediaries between the Government and the people. The sovereign rights of the king had never been questioned. Henceforth, the Low Countries were to be divided into two parties, having their headquarters in the South and in the North.
His faith in the Scriptures was weakened; but he soon discovered a wondrous change of heart towards those who claimed to be intermediaries between the worlds of matter and of spirit. He turned his attention to the study of the physical evidences of life after death. Up to that moment he had given but little credence to Mrs.
Plateas," said the old gentleman at last, "that your proposition is wholly unexpected, and comes in rather an unusual form. Don't you think that our traditional custom in such cases is very sensible, and that these questions are managed better by intermediaries?" The professor was not prepared for this.
There were two unofficial men in New York who were ideally qualified to serve the part of intermediaries. Mr. James Speyer had been born in New York; he had received his education at Frankfort-on-the-Main, Germany, and had spent his apprenticeship also in the family banking house in that city.
Ministers Whitlock and Villalobar, our "protecting Ministers" in Brussels, had to bear much of the brunt of the difficulties, but the Commission itself grew to have almost the diplomatic standing of an independent nation, its chairman and the successive resident directors in Brussels acting constantly as unofficial but accepted intermediaries between the Allies and the Germans.
That all the people we had met were the slaves of Kelmar, though in various degrees of servitude; that we ourselves had been sent up the mountain in the interests of none but Kelmar; that the money we laid out, dollar by dollar, cent by cent, and through the hands of various intermediaries, should all hop ultimately into Kelmar's till; these were facts that we only grew to recognise in the course of time and by the accumulation of evidence.
Two parts, themselves disjoined, may nevertheless hang together by intermediaries with which they are severally connected, and the whole world eventually may hang together similarly, inasmuch as some path of conjunctive transition by which to pass from one of its parts to another may always be discernible. In a concatenated world a partial conflux often is experienced.
A man so wholly out of tune with the prevailing note of English life could only affect it, of course, by means of disciples and popularisers often even popularisers who but dimly and distantly apprehend his meaning. He must be interpreted to the English by English intermediaries, half Philistine themselves, who speak his language ill, and who miss the greater part of his message.
According to Grumbach, he sought to induce prominent Norwegian Socialists to act as intermediaries to inform certain Norwegian syndicates that Germany would grant them a monopoly of coal consignments if the Norwegian Social Democratic press would adopt a more friendly attitude toward Germany and the Social Democratic members in the Norwegian parliament would urge the stoppage or the limitation of fish exports to England.
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