In a sense, financial industry's transition from separated operation to integrated operation is a kind of phenomenon of institutional choice and institutional change.

从某种意义上讲，金融业由分业经营到混业经营是一种制度选择和制度变迁现象。

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States will trade off between interstate governance costs and contracting costs when they make the institutional choice.

缔约国在选择国际制度安排形式时，将在国家间治理成本与国家间缔约成本之间进行权衡。

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For the institutional monolith, we had a large choice, including Fidelity Investments and Charles Schwab (see box, p. 184) with varying services and fees.

FORBES: What's the Plan?

Because of the social stigma associated with vice investments like tobacco, alcohol and firearms, many institutional investors shun them, either by choice or by socially-responsible investment mandate.

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"The strength of Nasdaq's brand and its pre-eminent position in the US equity market will make our single-stock futures offering a compelling choice for both retail and institutional customers in the US, as well as in Europe and beyond, " said Liffe chairman Brian Williamson.

BBC: Liffe boosted by Nasdaq deal