The picture of the securities exchanges and financial sectors in CEE countries is still relatively unfavorable. The CEE securities exchanges – with the only exception of the Warsaw Stock Exchange – are, in comparison with their western counterparts, underdeveloped and less important for the...

In the last few years, many of the world's largest financial exchanges have converted from mutual, not-for-profit organizations to publicly-traded, for-profit firms. In most cases, these exchanges have substantial responsibilities with respect to enforcing various regulations that protect...

Die Analyse der so genannten Mikrostruktur von Finanzmärkten und ihr Einfluss auf das Marktergebnis haben in den letzten Jahren im Fokus der Finanzmarktforschung gestanden. Hinsichtlich der Entwicklung, Gestaltung und Regulierung von Finanzsystemen ist jedoch eine Erweiterung des Blickfeldes...

In recent years stock exchanges have been increasingly diversifying their operations into related business areas such as derivatives trading, post-trading services and software sales. This trend can be observed most notably among profit-oriented trading venues. While the pursuit for...

Academic contributions on the demutualization of stock exchanges so far have been predominantly devoted to social welfare issues, whereas there is scarce empirical literature referring to the impact of a governance change on the exchange itself. While there is consensus that the case for...