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The Economics of Exchanges

In: The Economics of the Global Stock Exchange Industry

Author

Listed:
  • Josanco Floreani

    (University of Udine)

  • Maurizio Polato

    (University of Udine)

Abstract

The consolidation process which has occurred during the last few years has changed the morphology of the exchange industry in a substantial way, and also effected a widespread transformation of the business model of major exchanges. We noted in Chapter 2 that business diversification is a strategic choice in an industry landscape where exchanges’ revenues are under pressure. To this end, exchanges have attempted to counteract the adverse effects of both competition and economic downturns on trading revenues. The most striking example of this is the combination of cash market and derivatives market activities — something which constitutes the case for almost all of the exchanges involved in mergers, given the countercyclical nature of derivatives trading.

Suggested Citation

  • Josanco Floreani & Maurizio Polato, 2014. "The Economics of Exchanges," Palgrave Macmillan Studies in Banking and Financial Institutions, in: The Economics of the Global Stock Exchange Industry, chapter 5, pages 128-163, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-1-137-32183-1_5
    DOI: 10.1057/9781137321831_5
    as

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