Corporate governance of stock exchanges

Bertrand Jacquillat

Revue d'Économie Financière, 2006, vol. 82, issue 1, 153-171

Abstract: [eng] The author begins this paper by presenting the various forms of stock exchanges, while describing the underlying trend that has transformed mutual stock exchanges into market undertakings, of which an increasing number are becoming listed. This transition has brought with it a transformation of corporate governance practices, with exchanges abandoning most of the regulatory functions for which they were responsible and these being taken over by either a private-sector body or by a government agency. The second part of this paper will deal with the regulation of market and ertakings. Since competition between market undertakings has become increasingly intense, it has been necessary to harmonize the regulatory framework. This intense competition and the harmonization of regulations have accelerated consolidation in Europe, which was already well underway. The consolidation of financial intermediaries and the problems this poses to market undertakings is the subject of the third part of this paper. . JEL classification : G1, G28

Date: 2006
Note: DOI:10.3406/ecofi.2006.4448
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