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Basic trends in the market for markets for financial instruments

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    In recent years, a large number of IPOs of public exchanges have been announced. These were mainly in response to growing pressure from the institutional investor community and intense competition from Alternative Trading Systems, such as ECNs. When these announcements were initially made, most anticipated a move to a more customer-centric business model, with profit-maximization the ultimate objective. Unfortunately the reality is very different. The sell-side has maintained its control, through large ownership of shares, in these new publicly traded exchanges and has made it difficult for them to pursue their goal of profit maximization. This paper describes how the market for markets has evolved in recent years and what steps are necessary in order to make them more focused on meeting the needs of their customers.

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    Article provided by Capco Institute in its journal Journal of Financial Transformation.

    Volume (Year): 3 (2001)
    Issue (Month): ()
    Pages: 35-44

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    Handle: RePEc:ris:jofitr:1269
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