The future of stock exchanges: how issuers look at it?

Alain Joly

Revue d'Économie Financière, 2006, vol. 82, issue 1, 125-131

Abstract: [eng] As major stakeholders in stock exchanges, issuers are closely watching where recent developments will lead to. A Pan-European stock exchange could be beneficial to all its users, provided that their concerns be addressed. The exchange’s quasi public service function must be preserved in the interest of issuers, investors and intermediaries alike. Competitive pricing is, among others, an issue. So is liquidity, especially for mid and small caps. More transparency should reign in operations and transactions. The same goes for indices setting, where issuers should get a say. A consolidated stock exchange would be in want of a clear European regulatory and supervisory framework, especially for post-trading services, so as not to endanger the stability and successful integration of financial markets. Issuers should be actively involved in the process. . JEL classification : F36, G15, G18, G28

Date: 2006
Note: DOI:10.3406/ecofi.2006.4443
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