Economics of the Global Stock Exchange Industry

"Securities exchanges play a significant role in macroeconomics. They engage in the allocation process, which assures that savings are allocated to the most profitable investment opportunities. But what are the forces driving the supply side, namely, theservices offered by exchanges? It is not just a matter of market microstructure and the rules governing the price discovery. Rather, it embraces a much wider perspective involving the balance of interests of multiple stakeholders, the competitive strategies of exchanges and other platform operators and the impact of regulation. This book provides an economic analysis of the stock exchange industry. It draws on theories from micro- and industrial economics to provide a detailed analysis of the industry structure, the strategic behaviour of key participants and a methodological framework for assessing the performance of stock exchanges. It provides an overview of the factors driving the consolidation of the industry, and examines the implications of ongoing changes in the regulatory environment. It investigates the functioning of securities exchanges and other trading platforms as firms, assuming an industrial organization perspective and focusing on the competitive behaviour of exchanges, regulation and governance arrangements and their impact on the structure of the industry. "--

List of contents

1. Securities Industry and Exchange Industry: Organization and Value Chain 2. The Exchange Industry: An Overview 3. Securities Industry Regulation: Implications for Exchanges' Performances 4. The Governance of Securities Exchanges: New Insights 5. The Economics of Exchanges 6. A Risk-Adjusted Model for Performance Measurement 7. The Economics of the Exchange Industry: An Empirical Overview

Product details

• Authors: Floreani, J Floreani, J. Floreani, Josanco Floreani, Josanco Polato Floreani, M Polato, M. Polato, Maurizio Polato
• Publisher: Palgrave UK
• Languages: English
• Product format: Hardback
• Released: 14.11.2013
• EAN: 9781137321824
• ISBN: 978-1-137-32182-4
• No. of pages: 291
• Series: Palgrave Macmillan Studies in Banking and Financial Institutions; Palgrave MacMillan Studies in; Palgrave MacMillan Studies in; Palgrave Macmillan Studies in Banking and Financial Institutions
• Subjects: Social sciences, law, business > Business > Advertising, marketing; B, Finance, Investment Banking, Corporate Finance, macroeconomics, Financial Services, Securities, International Economics, capital market, Macroeconomics and Monetary Economics, Macroeconomics/Monetary Economics//Financial Economics, capital markets, Business Finance, Monetary Economics, Management science, Investments and Securities, Microeconomics, Investment & securities, Palgrave Economics & Finance Collection, Business enterprises—Finance