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Corporate governance of stock exchanges

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  • Bertrand Jacquillat

Abstract

[eng] The author begins this paper by presenting the various forms of stock exchanges, while describing the underlying trend that has transformed mutual stock exchanges into market undertakings, of which an increasing number are becoming listed. This transition has brought with it a transformation of corporate governance practices, with exchanges abandoning most of the regulatory functions for which they were responsible and these being taken over by either a private-sector body or by a government agency. The second part of this paper will deal with the regulation of market and ertakings. Since competition between market undertakings has become increasingly intense, it has been necessary to harmonize the regulatory framework. This intense competition and the harmonization of regulations have accelerated consolidation in Europe, which was already well underway. The consolidation of financial intermediaries and the problems this poses to market undertakings is the subject of the third part of this paper. . JEL classification : G1, G28

Suggested Citation

  • Bertrand Jacquillat, 2006. "Corporate governance of stock exchanges," Revue d'Économie Financière, Programme National Persée, vol. 82(1), pages 153-171.
    • Handle: RePEc:prs:recofi:ecofi_1767-4603_2006_num_82_1_4448
    DOI: 10.3406/ecofi.2006.4448
    Note: DOI:10.3406/ecofi.2006.4448
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    JEL classification:

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

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