As a part of the demutualization process, stock exchanges are transformed from a traditional membership (mutual …-profit type and as many as 40% are listed exchanges. But we cannot conclude that stock exchanges, after the demutualization … the functioning of the economy and society. …

over time to face the challenges of world. In the United States and in Canada they are commonly referred to as new … on cooperatives that preferred conversion or demutualization to hybridization. The paper describes the chronology and the … geography of demutualization and analyses the forces that drove it over the last decades. The main conclusion is that …