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Stock Exchange Mergers – The new Driver in the Harmonisation of Securities Market Regulation?

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  • Clausen Nis Jul

    (*Professor, Department of Law, University of Southern Denmark.)

  • Sørensen Karsten Engsig

    (**Professor, Centre for International Business Law, Aarhus School of Business, Aarhus University.)

Abstract

The creation of a single European financial market has been pursued vigorously through a number of harmonisation initiatives by European lawmakers and by some of the cross-border alliances between European stock exchanges. The very ambitious plans for harmonisation in the OMX and the Euronext alliances are examined. Even though many areas have successfully been harmonised, it is documented that important aspects of harmonisation have not been achieved and the reasons for this are analysed. Finally, it is examined how the fact that the alliances in 2007 became part of the transatlantic alliances NASDAQ OMX and NYSE Euronext may change the harmonisation strategy in future.

Suggested Citation

  • Clausen Nis Jul & Sørensen Karsten Engsig, 2009. "Stock Exchange Mergers – The new Driver in the Harmonisation of Securities Market Regulation?," European Company and Financial Law Review, De Gruyter, vol. 6(1), pages 29-70, January.
    • Handle: RePEc:bpj:eucflr:v:6:y:2009:i:1:p:29-70:n:3
    DOI: 10.1515/ECFR.2009.29
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