In a ________ banking system,commercial banks engage in securities underwriting,but legal subsidiaries conduct the different activities. Also,banking and insurance are not typically undertaken together in this system.

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In a British-style universal banking system, commercial banks can engage in securities underwriting through legal subsidiaries, which allows for a separation of different financial activities. However, unlike in a full universal banking model, banking and insurance operations are generally kept separate, aligning with the characteristics described.

In a ________ Banking System,commercial Banks Engage in Securities Underwriting,but