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Quel futur pour l'industrie boursière ? Analyse d'un processus de transformation

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  • Jean-François Lemettre

Abstract

The transformation of world’s main stock markets into enterprises acting in a competitive environment is in progress and its consequences are not all known. Three strategies are competing with each other: vertical integration of exchange and CSD; horizontal growth of the market share to an oligopoly overcame by large globalized exchanges; vertical control of exchange by large financial institutions. The aim of this paper is to set analysis foundations of financial strategies. It suggests an analysis of sustainability of the previous evolutions and sketches a prospective for the stock market industry. JEL codes: D43, G20, L11, L12, L13, L25, L41, L42, L43

Suggested Citation

  • Jean-François Lemettre, 2009. "Quel futur pour l'industrie boursière ? Analyse d'un processus de transformation," Innovations, De Boeck Université, vol. 0(2), pages 157-188.
  • Handle: RePEc:cai:inndbu:inno_030_0157
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    More about this item

    Keywords

    stock market; financial markets; strategic management; competition; industrial organization;

    JEL classification:

    • D43 - Microeconomics - - Market Structure, Pricing, and Design - - - Oligopoly and Other Forms of Market Imperfection
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • L12 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Monopoly; Monopolization Strategies
    • L13 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Oligopoly and Other Imperfect Markets
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • L41 - Industrial Organization - - Antitrust Issues and Policies - - - Monopolization; Horizontal Anticompetitive Practices
    • L42 - Industrial Organization - - Antitrust Issues and Policies - - - Vertical Restraints; Resale Price Maintenance; Quantity Discounts
    • L43 - Industrial Organization - - Antitrust Issues and Policies - - - Legal Monopolies and Regulation or Deregulation

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