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La gouvernance des entreprises de marché

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  • Bertrand Jacquillat

Abstract

[fre] Cet article présente les différentes formes organisationnelles des Bourses d’actions en décrivant la tendance lourde qui a transformé les Bourses, autrefois des mutuelles, en entreprises de marché. Le mouvement s’est accompagné d’une transformation de leur mode de gouvernance, avec un abandon de la plupart des fonctions de régulation qu’elles assumaient vers des agences de nature privée ou des autorités administratives. La régulation des entreprises de marché fait l’objet de la deuxième partie de cet article. La concurrence entre entreprises de marché devenant de plus en plus intense, les termes de la régulation ont dû être harmonisés, comme cela a été le cas en Europe. Cette intense concurrence et l’harmonisation de la régulation nourrissent la consolidation européenne, déjà bien entamée. La consolidation de l’industrie de l’intermédiation, et les problèmes qu’elle pose aux entreprises de marché, fait l’objet de la troisième partie de cet article. . Classification JEL : G1, G28 [eng] Market institutions governance . This article presents the several forms of stock exchanges’ organisation and describes demutualization. This change implied stock exchanges’ governance evolution. They leave their main role of regulator up to private agencies or administrative authorities. The second part of this article deals with market institutions’ regulation. The increased competition between market institutions involved regulation’s harmonization like in Europe. The heavy competition and the regulation’s harmonization take part in the implemented European strengthening. The third part of this article deals with the strengthening of intermediation industry and its issues for market institutions. . JEL classification : G1, G28

Suggested Citation

  • Bertrand Jacquillat, 2006. "La gouvernance des entreprises de marché," Revue d'Économie Financière, Programme National Persée, vol. 82(1), pages 169-188.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_2006_num_82_1_4047
    DOI: 10.3406/ecofi.2006.4047
    Note: DOI:10.3406/ecofi.2006.4047
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    More about this item

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G1 - Financial Economics - - General Financial Markets
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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