Competition and Survival of Stock Exchanges: Lessons from Canada

38 Pages Posted: 6 Dec 2007

See all articles by Cécile Carpentier

Cécile Carpentier

Laval University; Center for Interuniversity Research and Analysis on Organization (CIRANO); University of Lille II - European Center for Corporate Control Studies

Jean-Francois L'Her

Canada Pension Plan Investment Board; Caisse de Depot et Placement du Quebec (CDPQ)

Jean-Marc Suret

Laval University; Center for Interuniversity Research and Analysis on Organization (CIRANO); European Center for Corporate Control Studies

Multiple version iconThere are 3 versions of this paper

Date Written: August 20, 2007

Abstract

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.

Keywords: securities exchange, competition, cross-listed securities

JEL Classification: G12, G18, F36

Suggested Citation

Carpentier, Cécile and L'Her, Jean-Francois and Suret, Jean-Marc, Competition and Survival of Stock Exchanges: Lessons from Canada (August 20, 2007). Available at SSRN: https://ssrn.com/abstract=1056402 or http://dx.doi.org/10.2139/ssrn.1056402

Cécile Carpentier (Contact Author)

Laval University ( email )

Pavilion Palasis Prince
Quebec, Quebec G1V 0A6
Canada

Center for Interuniversity Research and Analysis on Organization (CIRANO) ( email )

2020 rue University, 25th floor
Montreal, Quebec H3C 3J7
Canada

University of Lille II - European Center for Corporate Control Studies ( email )

2 rue de Mulhouse
BP381
Lille, 59800
France

Jean-Francois L'Her

Canada Pension Plan Investment Board ( email )

One Queen Street East
Suite 2600
Toronto, Ontario M5C 2W5
Canada

Caisse de Depot et Placement du Quebec (CDPQ) ( email )

1000, place Jean-Paul-Riopelle
Montreal, Quebec H2Z 2B3
Canada

Jean-Marc Suret

Laval University ( email )

Accounting School
Quebec, P.Q. G1K 7P4
Canada
418-656-7134 (Phone)
418-656-7746 (Fax)

Center for Interuniversity Research and Analysis on Organization (CIRANO) ( email )

1130 rue Sherbrooke Ouest
Bureau 1400
Montreal, Quebec H3A 2M8
Canada

European Center for Corporate Control Studies ( email )

2 rue de Mulhouse
BP381
Lille, 59800
France

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