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Démutualisation des Bourses : une condition préalable à une nouvelle capacité d’innovation ?

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  • Andrew Sheng

Abstract

[eng] Stock exchange demutualization : a precondition for their capacity to innovate ? . Demutualization is a response of stock exchanges to face increasing competition from globalization and innovation. In theory, with greater competition and incentive to raise efficiency and innovate, demutualized exchanges should be more market focused and produce important innovations. So far, the evidence is not conclusive. Demutualization is a trade-off between profit motivation and the non-profit and public good of market development and regulation. Being important utilities, stock exchanges in smaller markets can easily become monopolies that may focus on profit and neglect their role as regulators. The key to innovation therefore depends on good corporate governance, proper oversight and the internal incentive structure. Some exchanges demonstrate capacity to change through internal restructuring without demutualizing. Hence, the case for demutualization is not definitive. This paper summarizes the various views on demutualization. . JEL classification : G2, G28 [fre] La démutualisation est une réponse des Bourses à la mondialisation et l’innovation. Sous l’effet d’une plus grande concurrence et d’une incitation à accroître son efficacité et à innover, les Bourses démutualisées devraient être plus attentives aux marchés et plus innovantes. Pour l’instant, cela n’est pas démontré. La démutualisation est un compromis entre la motivation du profit, le développement et la régulation du marché dans une optique non lucrative et de bien public. Parce qu’elles constituent d’importants services publics, sur de petits marchés les Bourses de valeurs pourraient facilement devenir des monopoles tournés vers le profit et négligeant leur rôle de régulateur. La clé de l’innovation réside donc dans une bonne gouvernance de l’entreprise, une surveillance adéquate et une bonne structure de rémunération interne. Le débat n’est donc pas encore tranché sur la démutualisation. Cet article résume les différentes opinions sur ce sujet. . Classification JEL : G2, G28

Suggested Citation

  • Andrew Sheng, 2006. "Démutualisation des Bourses : une condition préalable à une nouvelle capacité d’innovation ?," Revue d'Économie Financière, Programme National Persée, vol. 82(1), pages 157-167.
    • Handle: RePEc:prs:recofi:ecofi_0987-3368_2006_num_82_1_4046
    DOI: 10.3406/ecofi.2006.4046
    Note: DOI:10.3406/ecofi.2006.4046
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    More about this item

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G2 - Financial Economics - - Financial Institutions and Services
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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