Evolution of the Exchange Industry

This book describes the dramatic changes that have occurred in the exchange industry during the past two decades. The strategies adopted by major world exchanges during this period are explained and the roles of multilateral trading systems and over-the-counter (OTC) players are clearly described, highlighting their economics and their interconnections with traditional exchanges. Up-to-date, comprehensive comparisons are made of the performances of the main exchanges, and important governance issues are considered. In addition, threats and opportunities for major types of trading venue, deriving either from new regulatory approaches or from the surge in new markets, are presented and discussed with a view to forecasting future developments in the secondary market industry.The background to the book is the strong erosion in traditional profit drivers for exchanges produced by the progress in communications and trading technology. In many countries, regulation has reduced barriers to entry in the equity field, facilitating a surge in new players and a shift of liquidity toward alternative trading platforms and dark pools.

Describes in detail the exchange industry, its structure and corporate strategies Offers up-to-date and comprehensive comparison of the performances of the main exchanges Provides an overview of shareholding patterns and governance issues for exchanges Focuses on international agreements Forecasts future developments in the secondary market industry Includes supplementary material: sn.pub/extras

Autorentext
Manuela Geranio is Tenured Researcher in Financial Markets and Institutions and Adjunct Professor of International Financial Markets at Bocconi University, Milan. She holds a PhD in Business Administration. Her research focuses on equity markets, both at the domestic and at the international level, including IPOs, delistings, private equity deals, and exchange market strategies. Recently she cooperated with industry players and regulators in the development of the Italian Stock Exchange.

Inhalt
1 The exchange industry: recent facts and the current scenario.- 2 The functions and economics of the exchange markets.- 3 Strategic patterns of exchanges.- 4 The surge of alternative players in the trading field.- 5 The governance of exchanges.- 6 Regulation on exchanges: new threats and opportunities.- 7 Issues at a glance in the exchange industry.