In recent years, demutualized stock exchanges have increasingly engaged in M&A and alliance activities. To shed light … the shareholder protection, accounting standards and degree of capital market development in the partnering exchange’s …

stock and derivative exchanges and securities settlement systems globally in the light of this analytical framework. The … network effects enable new systems to challenge existing exchanges and settlement systems. This has already led towards more … existing infrastructure companies. At the same time new electronic communication networks and electronic exchanges operated by …

scale, and technological development in stock exchanges and securities settlement systems. Implications for future policy … innovation of a wide range of stock exchanges over recent years. There is evidence of considerable variability in the efficiency … of stock exchanges, both within Europe and world-wide. The evidence also indicates a positive relationship between the …