A Positive Theory of Financial Exchange Organization with Normative Implications for Financial Market Regulation

S.C. Pirrong

Washington University from Business, Law and Economics Center, John M. Olin School of Business, Washington University

Abstract: Although there has been extensive research on the economic functions of financial exchanges and the properties of prices determined on exchanges, there has been little research on the organizational structure and governance of these exchanges. This article demontrates that the heterogeneity of the suppliers of financial services that are members of financial exchanges explains salient features of exchange organization.

Keywords: FINANCIAL MARKET; PRICES (search for similar items in EconPapers)
JEL-codes: G10 G12 (search for similar items in EconPapers)
Pages: 52 pages
Date: 1997
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:fth:wablec:97-06

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