Abstract

http://ssrn.com/abstract=836464
 
 

Citations (10)



 
 

Footnotes (437)



 


 



Stock Exchanges at the Crossroads


Andreas M. Fleckner


Max Planck Institute for Comparative and International Private Law


Fordham Law Review, Vol. 74, pp. 2541-2620, 2006

Abstract:     
One of the foremost icons of capitalism is at a crossroads: the stock exchange. Ever since the first days of organized trading, stock exchanges had been owned and managed by their traders. Now, half a millennium later, those days are over. All of a sudden, stock exchanges are compelled to abandon their traditional structure, invite outside investors, and become publicly traded corporations (a process known as "demutualization"). In the future, everyone will be able to own a piece of a stock exchange. The shares of stock exchanges will be traded on stock exchanges, like for any large firm. This paper sketches the dynamic environment of organized trading, identifies the reasons for the transformation of stock exchanges into publicly traded companies, and addresses the regulatory concerns raised by this development.

Number of Pages in PDF File: 80

Keywords: stock exchange, securities trading, self-regulation, SRO, demutualization, conflicts of interest, self-listing

JEL Classification: D23, G15, G18, G28, G32, G38, K22, L33


Open PDF in Browser Download This Paper

Date posted: November 4, 2005 ; Last revised: June 1, 2015

Suggested Citation

Fleckner, Andreas M., Stock Exchanges at the Crossroads. Fordham Law Review, Vol. 74, pp. 2541-2620, 2006. Available at SSRN: http://ssrn.com/abstract=836464

Contact Information

Andreas M. Fleckner (Contact Author)
Max Planck Institute for Comparative and International Private Law ( email )
Mittelweg 187
D-20148 Hamburg
Germany
Feedback to SSRN


Paper statistics
Abstract Views: 7,792
Downloads: 1,630
Download Rank: 5,662
Citations:  10
Footnotes:  437

© 2015 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo7 in 0.219 seconds