Merchant bank

Japanese: マーチャント･バンク（英語表記）merchant bank

A financial institution active in London's long-term and short-term financial markets, mainly engaged in the underwriting of trade bills and the issuance of overseas securities. Also called merchant bankers, they originated in the early 19th century, when London was becoming the center of international finance against the backdrop of the end of the Napoleonic Wars and the progress of the British Industrial Revolution, and when influential merchants from the European continent (especially Germany) arrived in London and began the above-mentioned financial services using their wealth and reputation. They first acted as acceptance houses, accepting (and thus guaranteeing payment of) bills of exchange addressed to London for merchants, but the bills accepted by internationally trusted merchant banks were considered to be good bank bills (bills eligible for rediscounting by the Bank of England), and it became easy to obtain funds in the discount market. Therefore, their underwriting services supported the development of the British short-term financial market, facilitated trade finance, and contributed to the expansion of world trade.

Source: Heibonsha World Encyclopedia, 2nd Edition Information

Japanese:

貿易手形の引受業務と海外証券の発行業務を中心にロンドンの長･短金融市場で活躍する金融業者。マーチャント･バンカーmerchant bankerともいう。19世紀初頭，ナポレオン戦争の終結とイギリス産業革命の進展を背景に，ロンドンが国際金融の中心となろうとするころ，有力な貿易商人であるヨーロッパ大陸(とくにドイツ)の富豪たちが来住し，その資力と名声をもとに上記の金融業務を開始したことに起源をもつ。彼らは，まず，手形引受商社acceptance houseとして貿易商人のためにロンドンあて為替手形の引受け(したがって支払保証)を行ったが，国際的に信用のあるマーチャント･バンクが引き受けた手形は優良な銀行手形(イングランド銀行再割引適格手形)とされ，割引市場で容易に資金を入手しうることとなったから，彼らの引受業務はイギリス短期金融市場の発達を支え，貿易金融を円滑にして世界貿易の拡大に貢献した。

出典　株式会社平凡社世界大百科事典第２版について　情報

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