This paper examines progressive changes in productivity of the European stock exchange industry using non-parametric frontier techniques.Within the framework of Malmquist indices, total factor productivity growth is decomposed into technological progress and technical efficiency change for a...

The economic theory of network externalities provides the rationale for this paper, which investigates whether adoption of network strategies in European stock exchanges creates additional value in the provision of trading services.Using unbalanced panel data from all major European exchanges...