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Palgrave Macmillan

The Economics of the Global Stock Exchange Industry

ISBN 9781137321824
Publication Date November 2013
Formats Hardcover Ebook (EPUB) Ebook (PDF) 
Publisher Palgrave Macmillan
Series Palgrave Macmillan Studies in Banking and Financial Institutions

Securities exchanges play a significant role in macroeconomics. They engage in the allocation process, which assures that savings are allocated to the most profitable investment opportunities. But what are the forces driving the supply side, namely, the services offered by exchanges? It is not just a matter of market microstructure and the rules governing the price discovery. Rather, it embraces a much wider perspective involving the balance of interests of multiple stakeholders, the competitive strategies of exchanges and other platform operators and the impact of regulation.

This book provides an economic analysis of the stock exchange industry. It draws on theories from micro- and industrial economics to provide a detailed analysis of the industry structure, the strategic behaviour of key participants and a methodological framework for assessing the performance of stock exchanges. It provides an overview of the factors driving the consolidation of the industry, and examines the implications of ongoing changes in the regulatory environment. It investigates the functioning of securities exchanges and other trading platforms as firms, assuming an industrial organization perspective and focusing on the competitive behaviour of exchanges, regulation and governance arrangements and their impact on the structure of the industry.

Josanco Floreani is Lecturer in Banking and Finance at the University of Udine, Italy. He is a member of the Italian Association of University Teachers in Banking and Finance (ADEIMF) and the European Association of University Teachers in Banking and Finance (The Wolpertinger Club). He has published previously with Palgrave Macmillan on the subject of performance measurement in the exchange industry.

Maurizio Polato is Professor in Banking and Finance at the University of Udine, Italy. He is a member of the Italian Association of University Teachers in Banking and Finance (ADEIMF) and the European Association of University Teachers in Banking and Finance (The Wolpertinger Club). He has published previously with Palgrave Macmillan on the exchange industry.

1. Securities Industry and Exchange Industry: Organization and Value Chain
2. The Exchange Industry: An Overview
3. Securities Industry Regulation: Implications for Exchanges' Performances
4. The Governance of Securities Exchanges: New Insights
5. The Economics of Exchanges
6. A Risk-Adjusted Model for Performance Measurement
7. The Economics of the Exchange Industry: An Empirical Overview

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