Competition and Survival of Stock Exchanges: Lessons From Canada

Cécile Carpentier, Jean-François L'Her and Jean-Marc Suret

CIRANO Working Papers from CIRANO

Abstract: We analyze the competition between two developed stock exchanges. Their development rests mainly on their capacity to attract securities and trades. The U.S. market is attracting a growing number of Canadian companies, and is capturing a growing portion of their traded value. This slide of trading toward the U.S. market is a huge challenge for Canadian policy makers, while the efforts to compete with the U.S. market seem to be having only limited effects. We analyze the implications of this situation for policy makers in Asia-Pacific, where several markets and financial centers are attempting to emerge. Nous étudions la concurrence entre deux marchés boursiers développés, ceux du Canada et des États-Unis. Le développement des Bourses repose en grande partie sur leur capacité à attirer et retenir les inscriptions et les transactions. Le marché américain attire un nombre important de sociétés canadiennes, et capture une proportion croissante des échanges de titres de ces sociétés. Ce glissement des transactions représente un défi important pour le Canada dont les efforts pour contrer cette évolution semblent avoir eu des effets limités. Nous analysons les implications de cette situation en ce qui concerne la région Asie-Pacifique, où une concurrence importante existe entre les divers centres financiers en émergence.

Keywords: securities exchange; competition; cross-listed securities; Marché Boursier; concurrence; titres interlistés (search for similar items in EconPapers)
JEL-codes: F36 G12 G18 (search for similar items in EconPapers)
Date: 2007-11-01
New Economics Papers: this item is included in nep-cfn and nep-com
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:cir:cirwor:2007s-26

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