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Competition Between Stock Exchanges: A Survey

Author

Listed:
  • Sofia B. Ramos

    (HEC Lausanne, FAME and CEMAF/ISCTE)

Abstract

This paper offers a systematized and updated view of competition between exchanges. It is divided in two parts: In the first part, we describe the recent reforms in stock exchanges and the main forces driving the development of competition. The second part surveys research done on stock exchanges.

Suggested Citation

  • Sofia B. Ramos, 2003. "Competition Between Stock Exchanges: A Survey," FAME Research Paper Series rp77, International Center for Financial Asset Management and Engineering.
  • Handle: RePEc:fam:rpseri:rp77
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    File URL: http://www.swissfinanceinstitute.ch/rp77.pdf
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    References listed on IDEAS

    as
    1. Ramos, Sofia B. & von Thadden, Ernst-Ludwig, 2008. "Stock exchange competition in a simple model of capital market equilibrium," Journal of Financial Markets, Elsevier, vol. 11(3), pages 284-307, August.
    2. Gaspar, Jess & Glaeser, Edward L., 1998. "Information Technology and the Future of Cities," Journal of Urban Economics, Elsevier, vol. 43(1), pages 136-156, January.
    3. Arthur, W Brian, 1989. "Competing Technologies, Increasing Returns, and Lock-In by Historical Events," Economic Journal, Royal Economic Society, vol. 99(394), pages 116-131, March.
    4. Carmine Di Noia, "undated". "Customer-Controlled Firms: The Case of Stock-Exchanges," Rodney L. White Center for Financial Research Working Papers 2-98, Wharton School Rodney L. White Center for Financial Research.
    5. Domowitz, Ian & Glen, Jack & Madhavan, Ananth, 2001. "Liquidity, Volatility and Equity Trading Costs across Countries and over Time," International Finance, Wiley Blackwell, vol. 4(2), pages 221-255, Summer.
    6. Asani Sarkar & Michelle Tozzi, 1998. "Electronic trading on futures exchanges," Current Issues in Economics and Finance, Federal Reserve Bank of New York, vol. 4(Jan).
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    8. Matthew J. Clayton & Bjorn N. Jorgensen & Kenneth A. Kavajecz, "undated". "On the Formation and Structure of International Exchanges," Rodney L. White Center for Financial Research Working Papers 22-99, Wharton School Rodney L. White Center for Financial Research.
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    11. Danthine, Jean-Pierre & Giavazzi, Francesco & von Thadden, Ernst-Ludwig, 2000. "European Financial Markets After EMU: A First Assessment," CEPR Discussion Papers 2413, C.E.P.R. Discussion Papers.
    12. Jim Angel & Reena Aggarwal, "undated". "Optimal Listing Strategy: Why Microsoft and Intel Do Not List on the NYSE," Working Papers _007, Georgetown School of Business.
    13. Harald Hau, 2001. "Location Matters: An Examination of Trading Profits," Journal of Finance, American Finance Association, vol. 56(5), pages 1959-1983, October.
    14. Telser, Lester G, 1981. "Why There Are Organized Futures Markets," Journal of Law and Economics, University of Chicago Press, vol. 24(1), pages 1-22, April.
    15. Harold Demsetz, 1968. "The Cost of Transacting," The Quarterly Journal of Economics, Oxford University Press, vol. 82(1), pages 33-53.
    16. Malkamäki, Markku, 1999. "Are there economies of scale in stock exchange activities?," Research Discussion Papers 4/1999, Bank of Finland.
    17. Carmine Di Noia, "undated". "Customer-Controlled Firms: The Case of Stock-Exchanges," Rodney L. White Center for Financial Research Working Papers 02-98, Wharton School Rodney L. White Center for Financial Research.
    18. Huddart, Steven & Hughes, John S. & Brunnermeier, Markus, 1999. "Disclosure requirements and stock exchange listing choice in an international context," Journal of Accounting and Economics, Elsevier, vol. 26(1-3), pages 237-269, January.
    19. Jean Dermine, 1996. "European Banking with a Single Currency," Center for Financial Institutions Working Papers 96-54, Wharton School Center for Financial Institutions, University of Pennsylvania.
    20. Gehrig, Thomas, 1993. " An Information Based Explanation of the Domestic Bias in International Equity Investment," Scandinavian Journal of Economics, Wiley Blackwell, vol. 95(1), pages 97-109.
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    Citations

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    Cited by:

    1. Michel Didier, 2006. "L'importance des marchés boursiers pour l'avenir des places financières," Revue d'Économie Financière, Programme National Persée, vol. 82(1), pages 117-121.
    2. Michel Didier, 2006. "The importance of stock markets for the future of financial centres," Revue d'Économie Financière, Programme National Persée, vol. 82(1), pages 107-111.
    3. Hautcoeur Pierre-Cyrille & Riva Angelo E., 2013. "What Financiers Usually Do, and What We Can Learn from History," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 3(3), pages 1-19, April.
    4. William O. Brown, Jr. & J. Harold Mulherin & Marc D. Weidenmier, 2006. "Competing With the NYSE," NBER Working Papers 12343, National Bureau of Economic Research, Inc.
    5. Dewenter, Kathryn L. & Kim, Chang-Soo & Novaes, Walter, 2010. "Anatomy of a regulatory race to the top: Changes in delisting rules at Korea's two stock exchanges, 1999-2002," Journal of Corporate Finance, Elsevier, vol. 16(4), pages 456-468, September.
    6. Faten Ben Slimane, 2012. "Stock exchange consolidation and return volatility," Managerial Finance, Emerald Group Publishing, vol. 38(6), pages 606-627, May.

    More about this item

    Keywords

    Stock Exchanges; Reforms; ECNs; Mergers; Demutualization; Cross-Listing;

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G29 - Financial Economics - - Financial Institutions and Services - - - Other

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