Islamic and Conventional Exchanges: A Performance Analysis and Governance Perspectives

Josanco Floreani, Andrea Paltrinieri, Maurizio Polato and Flavio Pichler

Chapter 9 in Financial Systems, Markets and Institutional Changes, 2014, pp 188-216 from Palgrave Macmillan

Abstract: Abstract Over the last two decades the securities industry has undergone a process of rapid transformation which has been accelerating over the last few years. The backbone of such a process is the demutualization and self-listing of a large part of stock exchanges around the world. Subsequently, a widespread consolidation process, which gathered speed at the beginning of the century, lead to the polarization of trading and gave rise to a very few large conglomerates operating on a transatlantic basis, with highly diversified business models, and managing vast pools of liquidity. Apart from these more dominant players, regional exchanges still exist (operating, however, with far lower levels of liquidity) and new rivals (electronic communication networks — ECNs) are prospering.

Keywords: Business Model; Stock Exchange; Cash Market; Islamic Bank; Islamic World (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-1-137-41359-8_9

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DOI: 10.1057/9781137413598_9

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