This paper offers a systematized and updated view of competition between exchanges. It is divided in two parts: In the first part, we describe the recent reforms in stock exchanges and the main forces driving the development of competition. The second part surveys research done on stock exchanges.Stock Exchanges; Reforms; ECNs; Mergers; Demutualization; Cross-Listing

Sofia B. Ramos

English

Research Papers in Economics

1989a, Endogenous Market Thinness and Stock Price Volatility,

1989b, Trading Volume and Asset Liquidity,

1995b, Electronic Derivatives Exchanges: Implicit Mergers, Network Externalities and Standardization, Quarterly Review of Economics and Finance.

1999b, A Theory of Financial Exchange Organization,

Academic Advisor to Lombard Odier & Cie;

An Information Based Explanation of the Domestic Bias in

Are Expansions Cost Effective for Stock Exchanges? A Global Perspective, Bank of Finland Discussion Paper 20/2000.

Automatization, Trading costs and the Structure of the Securities Trading Industry, Brookings-Wharton Papers on Financial Services.

Carmine, 2001,Competition and Integration among Stock Exchanges in Europe: Network Effects, Implicit Mergers and Remote Access,

Changes in the Structure and Dynamics

Cities and the Geography of Financial Centers,

Competing Exchanges: Do Large Markets Drive Out Small, CEPR- Conference Paper.

Competing Technologies, Increasing Returns, and Lock-in by Historical Events,

Competition for Listings, Exchanges, Trading Technology,

Corporate Finance, Fourth Edition,

Costumer-Controlled Firms, The case of stock exchanges,

Disclosure Requirements and Stock Exchange Listing Choice,

Electronic Trading in Future Exchanges,

European Capital Markets: Does the Euro matter ?, in European Markets with a Single Currency, edited by Jean Dermine and Pierre Hillion,

European Markets with a Single Currency,

European Stock Markets and European Unification, in European Markets with a Single Currency, edited by Jean Dermine and Pierre Hillion,

Financial Market Automatization and the Investment Service Directive,

Financial Regulation

Foreign Equities and US Investors: Breaking Down the Barriers Separating Demand and Supply, Working Paper NYSE.

Francesco Giavazzi and Ernst-Ludwig von Thadden,

HEC-University of Geneva, International Center FAME; Dušan ISAKOV, HEC-University of Geneva, International Center FAME;

HEC-University of Lausanne;

Home Bias and High Turnover,

Home Bias in Equity Portfolios, Inflation Hedging and

How to Enhance Market Liquidity,

in Global Equity Markets: Technological, Competitive, and Regulatory Exchanges,

Investor Diversification and International Equity Markets,

Is the Electronic Open Limit Order Book Inevitable,

Liquidity, Transaction Costs and Reintermediation

Liquidity, Volatility and Equity Trading Costs Across Countries and Over Time,

Location Matters: An Examination of Trading Profits,

Network Economics with Application to Finance, Financial,

On the Competition between ECN's,

Optimal Listing Policy: Why Microsoft and Intel do not list on the NYSE, mimeo,

Organized Futures Exchanges: Costs and Benefits,&quot;

Profitable Innovation Without Patent Protection: The Case of Derivatives Helios

Public Regulation of Securities Markets,

Review

Stock Exchange Consolidation: Who are the winners?

Stock Exchanges Alliances, Access Fees and Competition, Bank of Finland Discussion Paper 22/2001.

Stock Exchanges Competition in a Simple Model of Capital Market Equilibrium,

The Changing Microstructure of European Equity Markets, in European Securities Markets- The Investment Services Directive and Beyond by Guido Ferrarrini (Ed.),

The Coming Competition among Securities Markets: What Strategies will Dominate? Working Paper No 192,

The Committee of the Wise Men (2000), Initial Report on the Regulation of European Securities Markets.

The Competition between Exchanges or Financial Systems,

The Consolidation of Securities Exchange, Brooking-Wharton Papers on Financial Services.

The Cost of Transacting,

The Economics of Information,

The European Capital Markets: The state of the Union and an Agenda for the Millennium, The Royal Institute of International Affairs,

The Future of Equity Trading in Europe: Balancing Scale, Scope and Segmentation.

The Reorganization of the London Stock Market: the Causes and the

The Single European Currency and World Equity Markets, in European Markets with a Single Currency, edited by Jean Dermine and Pierre Hillion,

The Stock Exchange as a Firm: The Emergence of Close Substitutes for the NY and Tokyo Stock Exchange,

Tomorrow's Equity Markets: Problems and Opportunities,

Trading Systems

Understanding the Equity Home Bias: Evidence from Survey Data, forthcoming on Review of Economics and Statistics.

What is an Exchange,

Why there are Organized Future Markets,

Competition Between Stock Exchanges: A Survey

http://www.swissfinanceinstitute.ch/rp77.pdf

Competition Between Stock Exchanges: A Survey

Abstract

Similar works

Full text

Available Versions

Research Papers in Economics