▁ ▁In ▁Europe , ▁the ▁European ▁Forum ▁of ▁Sec ur ities ▁Associ ations ▁was ▁formed ▁in ▁ 2 0 0 7 ▁by ▁various ▁European ▁trade ▁associations . ▁Several ▁European ▁trade ▁associations ▁( pr inci p ally ▁the ▁London ▁In vest ment ▁Bank ing ▁Association ▁and ▁the ▁European ▁S IF MA ▁affili ate ) ▁combined ▁in ▁November ▁ 2 0 0 9 ▁to ▁form ▁the ▁Association ▁for ▁Fin an cial ▁Mark ets ▁in ▁Europe ▁( AF ME ). ▁ ▁In ▁the ▁se cur ities ▁industry ▁in ▁China , ▁the ▁Sec ur ities ▁Association ▁of ▁China ▁is ▁a ▁self - reg ul atory ▁organization ▁whose ▁members ▁are ▁largely ▁invest ment ▁banks . ▁ ▁Global ▁size ▁and ▁re venue ▁mix ▁Global ▁invest ment ▁bank ing ▁re venue ▁increased ▁for ▁the ▁fifth ▁year ▁running ▁in ▁ 2 0 0 7 , ▁to ▁a ▁record ▁US $ 8 4 ▁billion , ▁which ▁was ▁up ▁ 2 2 % ▁on ▁the ▁previous ▁year ▁and ▁more ▁than ▁double ▁the ▁level ▁in ▁ 2 0 0 3 . ▁Sub sequ ent ▁to ▁their ▁expos ure ▁to ▁United ▁States ▁sub - prime ▁se cur ities ▁invest ments , ▁many ▁invest ment ▁banks ▁have ▁experienced ▁losses . ▁As ▁of ▁late ▁ 2 0 1 2 , ▁global ▁reven ues ▁for ▁invest ment ▁banks ▁were ▁estimated ▁at ▁$ 2 4 0 ▁billion , ▁down ▁about ▁a ▁third ▁from ▁ 2 0 0 9 , ▁as ▁companies ▁purs ued ▁less ▁de als ▁and ▁trad ed ▁less . ▁D iffer ences ▁in ▁total ▁re venue ▁are