Demutualization of Securities Exchanges: A Regulatory Perspective

Jennifer Elliott

No 2002/119, IMF Working Papers from International Monetary Fund

Abstract: Demutualization is a term used to describe the transition of a securities exchange from a mutual association of exchange members operating on a not-for-profit basis to a limited liability, for-profit company accountable to shareholders. Demutualization in its many forms has become a widespread phenomenon-one with increasing appeal in emerging market countries. Demutualization challenges the traditional approach to supervision of securities exchanges and raises issues regarding their role in the regulation and supervision of capital markets.

Keywords: WP; market surveillance; conduct regulation; Nasdaq market; market conduct rule; market participant; securities regulation; stock exchanges; FIBV market principle; listed company; regulation function; regulator-exchange relation; monopoly exchange; exchanges business; exchange member; Stock markets; Competition; Securities; Emerging and frontier financial markets; Trade systems; Global; North America (search for similar items in EconPapers)
Pages: 30
Date: 2002-07-01
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