1.

Record Nr.

UNINA9910254867203321

Autore

Geranio Manuela

Titolo

Evolution of the Exchange Industry : From Dealers’ Clubs to Multinational Companies / / by Manuela Geranio

Pubbl/distr/stampa

Cham : , : Springer International Publishing : , : Imprint : Springer, , 2016

ISBN

3-319-21027-0

Edizione

[1st ed. 2016.]

Descrizione fisica

1 online resource (137 p.)

Disciplina

330

Soggetti

Macroeconomics

Finance

Industrial organization

Macroeconomics/Monetary Economics//Financial Economics

Finance, general

Industrial Organization

Lingua di pubblicazione

Inglese

Formato

Materiale a stampa

Livello bibliografico

Monografia

Note generali

Description based upon print version of record.

Nota di bibliografia

Includes bibliographical references at the end of each chapters.

Nota di contenuto

1 The exchange industry: recent facts and the current scenario -- 2 The functions and economics of the exchange markets -- 3 Strategic patterns of exchanges -- 4 The surge of alternative players in the trading field -- 5 The governance of exchanges -- 6 Regulation on exchanges: new threats and opportunities -- 7 Issues at a glance in the exchange industry.

Sommario/riassunto

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.