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Islamic and Conventional Exchanges: A Performance Analysis and Governance Perspectives

In: Financial Systems, Markets and Institutional Changes

Author

Listed:
  • Josanco Floreani
  • Andrea Paltrinieri
  • Maurizio Polato
  • Flavio Pichler

Abstract

Over the last two decades the securities industry has undergone a process of rapid transformation which has been accelerating over the last few years. The backbone of such a process is the demutualization and self-listing of a large part of stock exchanges around the world. Subsequently, a widespread consolidation process, which gathered speed at the beginning of the century, lead to the polarization of trading and gave rise to a very few large conglomerates operating on a transatlantic basis, with highly diversified business models, and managing vast pools of liquidity. Apart from these more dominant players, regional exchanges still exist (operating, however, with far lower levels of liquidity) and new rivals (electronic communication networks — ECNs) are prospering.

Suggested Citation

  • Josanco Floreani & Andrea Paltrinieri & Maurizio Polato & Flavio Pichler, 2014. "Islamic and Conventional Exchanges: A Performance Analysis and Governance Perspectives," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Ted Lindblom & Stefan Sjögren & Magnus Willesson (ed.), Financial Systems, Markets and Institutional Changes, chapter 9, pages 188-216, Palgrave Macmillan.
  • Handle: RePEc:pal:pmschp:978-1-137-41359-8_9
    DOI: 10.1057/9781137413598_9
    as

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