Competition and Survival of Stock Exchanges: Lessons from Canada
Laval University; Center for Interuniversity Research and Analysis on Organization (CIRANO); University of Lille II - European Center for Corporate Control Studies
Canada Pension Plan Investment Board; Caisse de Depot et Placement du Quebec (CDPQ)
Laval University; Center for Interuniversity Research and Analysis on Organization (CIRANO); European Center for Corporate Control Studies
August 20, 2007
We analyze the competition between two developed stock exchanges. Their development rests mainly on their capacity to attract securities and trades. The U.S. market is attracting a growing number of Canadian companies, and is capturing a growing portion of their traded value. This slide of trading toward the U.S. market is a huge challenge for Canadian policy makers, while the efforts to compete with the U.S. market seem to be having only limited effects. We analyze the implications of this situation for policy makers in Asia-Pacific, where several markets and financial centers are attempting to emerge.
Number of Pages in PDF File: 38
Keywords: securities exchange, competition, cross-listed securities
JEL Classification: G12, G18, F36working papers series
Date posted: December 6, 2007
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