Stock Exchanges and Issuers: A Changing Relationship


The global securities exchange industry is currently undergoing a fundamental transformation. Driven by both political reform and competitive pressure it has turned into a dynamic industry that is in a state of flux and develops at a remarkable pace. On the political side, the drivers behind these changes include the liberalization and deregulation of national exchanges during the Eighties and Nineties of the 20th century. In Europe, the current efforts to fully integrate European capital markets and to open up cross-border competition have provided additional stimuli to change. Fueled by political reform and technological advances, competition among stock exchanges has unfolded in several ways. Exchanges have demutualized and were turned into for-profit entities. Moreover, merger and acquisition activity has caused the formation of large multi-national exchanges. Simultaneously, investors have been enabled to access even the remotest markets without difficulties. Facing increasing competitive pressure, exchanges have developed different approaches to covering the value chain of securities trading while competing for liquidity.


Corporate Governance Stock Exchange Initial Public Offering Listing Firm Financial Service Authority 
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