English
Русский
Pages:
23-27
UDC Code:
336.761:339.9
Rubric:
TGlobalization and the reduction of economic and financial barriers at the regional and international levels, the continuous emergence of innovative technologies, regulatory reforms and the evolution of investment decisions are causing the demutualization of stock exchanges around the world.
These factors increase the competition between stock exchanges for customers and strongly influence the markets. In response to the challenges of the modern financial world, most stock exchanges change their strategies, they change the nature of their activities and turn from non-for-profit organizations into for-profits ones: the stock exchanges merge with other regional and inter-national stock exchanges, which led to consolidation between stock exchanges in both the US and in Europe.
Files:
References:
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18. Minier J. Opening a Stock Exchange // Journal of Development Economics. 2009. Vol. 90, no 1, Sept. PP. 135-143.
19. Wu J., Hou H., Cheng S. The Dynamic Impacts of Financial Institutions on Economic Growth: Evidence from the European Union // Journal of Macroeconomics. 2010. Vol. 32, no 3, Sept. PP. 879-891.
20. Shamraev A.V. Mezhdunarodnoe i zarubezhnoe finansovoe regulirovanie: instituty, sdelki, infrastruktura. M.: Izd. centr IPSiR, 2014. Ch. 2. 640 s.
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2. Inshakov O.V., Beloborodko A.M., Frolov D.P. Birzha: evolyuciya ekonomicheskogo instituta. Volgograd: Volgograd. nauch. izd-vo, 2008. 383 s.
3. Domowitz I. An Exchange is a Many-Splendored Thing: The Classification and Regulation of Automated Trading Systems // The Industrial Organization and Regulation of the Security Industry. Chicago: The University of Chicago Press. 1996. PP. 93-113.
4. Hasan I., Schmiedel H. Network and Equity Market Integration: European Evidence // International Review of Financial Analysis. 2004. Vol. 13, no 5. PP. 601-619.
5. Lee R. Changing Market Structures, Demutualization and the Future of Securities Trading // 5th Annual Brookings: World Bank Financial Markets and Development Conference, 2003. P. 20.
6. Malkamaki M. Are There Economies of Scale in Stock Exchanges Activities? // Bank of Finland Discussion Papers. 1999. no 4. P. 31.
7. Ramos S., Von Thadden E. Stock Exchange Competition in a Simple Model of Capital Market Equilibrium // Journal of Financial Markets. 2008. Vol. 11, no 3. PP. 284-307.
8. Kouz R. Firma, rynok i pravo / per. s angl. B. Pinskera. M.: Delo LTD; Catallaxy, 1993. S. 192.
9. Di Noia C. Competition and Integration Among Stock Exchanges in Europe: Network Effects, Implicit Mergers and Remote Access // European Financial Management. 2001. Vol. 7, no 1. PP. 39-72.
10. Treptow F. The Economics of Demutualization: An Empirical Analysis of the Securities Exchange Industry. Wiesbaden: Deutscher Universitaets Verlag, 2006. P. 113.
11. Chung K., Chuwonganant C. Transparency and Market Quality: Evidence from Super Montage // Journal of Financial Intermediation. 2009. Vol. 18, no 1, Jan. PP. 93-111.
12. Mendiola A., O'Hara M. Taking Stock in Stock Markets: The Changing Governance of Exchanges // Working Paper Cornell University. 2003. P. 38.
13. Steil B. Changes in the Ownership and Governance of Securities Exchange: Causes and Consequences // Brookings-Wharton Papers on Financial Services. 2002. PP. 61-91.
14. Degryse H. Competition between Financial Markets in Europe: What can be Expected From MiFID? // Financial Markets and Portfolio Management. 2009. Vol. 23, no 1. PP. 93-103.
15. Aggarwal R. Demutualization and Corporate Governance of Stock Exchanges // Journal of Applied Corporate Finance / Columbia Business School. 2002. Vol. 15, no 1. PP. 105-113.
16. Schmiedel H. Technological Development and Concentration of Stock Exchanges in Europe // Bank of Finland Discussion Papers. 2001. no 21. P. 40.
17. De La Torre A., Gozzi J.C., Schmukler S.L. Stock Market Development Under Globalization: Whither the Gains from Reforms? // Journal of Banking and Finance. 2007. Vol. 31, no 6, June. PP. 1731-1754.
18. Minier J. Opening a Stock Exchange // Journal of Development Economics. 2009. Vol. 90, no 1, Sept. PP. 135-143.
19. Wu J., Hou H., Cheng S. The Dynamic Impacts of Financial Institutions on Economic Growth: Evidence from the European Union // Journal of Macroeconomics. 2010. Vol. 32, no 3, Sept. PP. 879-891.
20. Shamraev A.V. Mezhdunarodnoe i zarubezhnoe finansovoe regulirovanie: instituty, sdelki, infrastruktura. M.: Izd. centr IPSiR, 2014. Ch. 2. 640 s.
21. Gomber P., Chlistalla M. Implementing MiFID by European Execution Venues - Between Threat and Opportunity // Journal of Trading. 2008. Vol. 3, no 2. PP. 18-28.
22. Fishel D., Grossman S. Customer Protection in Futures and Securities Markets // Journal of Futures Markets. 1984. Vol. 4, no 3. PP. 273-295.
23. Gorham M., Singh N. Electronic Exchanges: The Global Transformation From Pits to Bits / Stuart School of Business; Center for Financial Markets. Chicago, 2009. P. 338.
24. Aggarwal R., Dahiya S. Demutualization and Public Offerings of Financial Exchanges // Journal of Applied Corporate Finance; Columbia Business School. 2006. Vol. 18, no 3. PP. 96-106.
