World of Exchanges: Adapting to a New Environment by Shahin Shojai

By Shahin Shojai

This cutting edge new identify presents in-depth research of the most important demanding situations dealing with inventory exchanges, their implications for the longer term and the recommendations to deal with them. know the way contemporary alterations within the regulatory setting have reworked the realm of inventory exchanges and left the as soon as safe open to the main severe varieties of festival. crucial perception for investors, buyers, underwriters, funding bankers, protection agents and criminal advisors concerned with trade actions.

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Based on evidence from the Euronext countries, Pagano and Padilla (2005) find that the integration of stock exchanges produces a number of significant efficiency gains, some of which are passed on by the exchanges to their users – that is intermediaries, investors and issuers – in the form of lower fees, and some of which accrue directly to users. Economides (1993), Hasan and Malkamäki (2001), Hagel III (1997) and Saloner and Shepard (1995) emphasise the role of critical mass and time dimensions in evaluating the true impact of network scope.

Products are traded on this joint system, but the partners independently operate the system, that is processes such as risk control, market supervision, post-trade processes, etc. are handled separately by each of the partners. • Common operation – besides using a common system as a technical platform, partners also integrate the operation of the trading. For example, risk control, market supervision, etc. are integrated; only post-trade processes are handled separately. 31 Part I: Transformation of the industry • Complete system integration – complete integration of value chain, such as trading and posttrading.

Horizontal cooperation involves M&A activities among exchanges at the trading level, that is exchanges providing similar services in different markets or jurisdictions, such as link-ups and integration efforts among the same products or even across different market segments. This M&A model appears to be the dominant and preferred method of integration pursued by the exchanges. Most of the network deals (185 out of 271) have been undertaken on the cash market side. In contrast to a horizontal cooperation, vertical mergers involve network deals of institutions providing different, but integrated services, such as integration of different activities that are processed along the securities transaction value chain within a single entity or group (that is deals that involve post-trade processes).

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