A common feature of major trends in securities and derivative markets is that they facilitate cross-border competition between financial institutions and markets. These trends include financial deregulation, technological developments that increase network externalities and the introduction of...

The paper stresses on the importance of understanding the operational choices, strategies, and performances of stock exchanges as regular operating firms (Arnold et al (1999), and Pirrong (1999)) Using unbalanced panel data on 49 stock exchanges over the period 1989-1998, the paper traces the...

This paper presents a descriptive analysis of the primary and secondary market for Finnish treasury bonds. The paper focuses on three issues. First, we report basic descriptive statistics such as auction volumes and secondary market yields and volumes. Second, we estimate the revenues earned by...

This paper stresses the importance of understanding operational choices, strategies, and performances of stock exchanges as regular operating firms [J. Finance 52 (1999) 655; J. Financial Markets 2 (1999) 329]. Using unbalanced panel data on 49 stock exchanges over the period 1989-1998, the paper...