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Evolution of the Exchange Industry

From Dealers’ Clubs to Multinational Companies

  • Book
  • © 2016

Overview

Authors:
  1. Manuela Geranio

    1. Department of Finance, Bocconi University, Milan, Italy

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  • Describes in detail the exchange industry, its structure and corporate strategies

  • Offers up-to-date and comprehensive comparison of the performances of the main exchanges

  • Provides an overview of shareholding patterns and governance issues for exchanges

  • Focuses on international agreements

  • Forecasts future developments in the secondary market industry

  • Includes supplementary material: sn.pub/extras

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Table of contents (7 chapters)

  1. Front Matter

    Pages i-xiv
    Download chapter PDF

  2. The Exchange Industry: Recent Facts and the Current Scenario

    • Manuela Geranio
    Pages 1-14

  3. The Functions and Economics of Exchange Markets

    • Manuela Geranio
    Pages 15-34

  4. Strategic Patterns of Exchanges

    • Manuela Geranio
    Pages 35-65

  5. The Surge of Alternative Players in the Trading Field

    • Manuela Geranio
    Pages 67-81

  6. The Governance of Exchanges

    • Manuela Geranio
    Pages 83-97

  7. Regulation on Exchanges: New Threats and Opportunities

    • Manuela Geranio
    Pages 99-113

  8. Issues at a Glance in the Exchange Industry

    • Manuela Geranio
    Pages 115-126
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Keywords

About this book

This book describes the dramatic changes that have occurred in the exchange industry during the past two decades. The strategies adopted by major world exchanges during this period are explained and the roles of multilateral trading systems and over-the-counter (OTC) players are clearly described, highlighting their economics and their interconnections with traditional exchanges. Up-to-date, comprehensive comparisons are made of the performances of the main exchanges, and important governance issues are considered. In addition, threats and opportunities for major types of trading venue, deriving either from new regulatory approaches or from the surge in new markets, are presented and discussed with a view to forecasting future developments in the secondary market industry.The background to the book is the strong erosion in traditional profit drivers for exchanges produced by the progress in communications and trading technology. In many countries, regulation has reduced barriers to entry in the equity field, facilitating a surge in new players and a shift of liquidity toward alternative trading platforms and dark pools.

Authors and Affiliations

  • Department of Finance, Bocconi University, Milan, Italy

    Manuela Geranio

About the author

Manuela Geranio is Tenured Researcher in Financial Markets and Institutions and Adjunct Professor of International Financial Markets at Bocconi University, Milan. She holds a PhD in Business Administration. Her research focuses on equity markets, both at the domestic and at the international level, including IPOs, delistings, private equity deals, and exchange market strategies. Recently she cooperated with industry players and regulators in the development of the Italian Stock Exchange.

Bibliographic Information

  • Book Title: Evolution of the Exchange Industry

  • Book Subtitle: From Dealers’ Clubs to Multinational Companies

  • Authors: Manuela Geranio

  • DOI: https://doi.org/10.1007/978-3-319-21027-8

  • Publisher: Springer Cham

  • eBook Packages: Economics and Finance, Economics and Finance (R0)

  • Copyright Information: Springer International Publishing Switzerland 2016

  • Hardcover ISBN: 978-3-319-21026-1Published: 18 April 2016

  • Softcover ISBN: 978-3-319-79328-3Published: 22 April 2018

  • eBook ISBN: 978-3-319-21027-8Published: 08 April 2016

  • Edition Number: 1

  • Number of Pages: XIV, 126

  • Number of Illustrations: 3 b/w illustrations, 40 illustrations in colour

  • Topics: Macroeconomics/Monetary Economics//Financial Economics, Finance, general, Industrial Organization

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