World of Exchanges: Adapting to a New Environment by Shahin Shojai

By Shahin Shojai

This leading edge new name presents in-depth research of the main demanding situations dealing with inventory exchanges, their implications for the long run and the options to handle them. know the way fresh alterations within the regulatory setting have remodeled the realm of inventory exchanges and left the as soon as secure open to the main severe kinds of pageant. crucial perception for investors, buyers, underwriters, funding bankers, safety agents and criminal advisors focused on trade actions.

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However, despite this competitive disadvantage, in addition to the possible regulatory advantages in terms of oversight and compliance that the OTC market has (especially in offshore markets), exchanges can benefit from the existence of 17 Current challenges and future implications OTC competitors because they can in turn become clients of their clearing services, which are businesses that benefit from significant economies of scale. In addition, many of the contracts issued in the OTC market are hedged on the exchanges to reduce market risks, hence creating another source of revenue.

41) provides an overview of the variables and classification. Overall, it should be noted that every effort has been made to ensure that the data used in this study is comprehensive, accurate and comparable. However, some cases required some subjective judgement to classify and determine the underlying merger and network deals of the partnering exchanges. Possible remaining shortcomings are due to data inconsistencies, errors or omissions borne by the reporting entities. 2, which provides frequency data on the number of M&A deals classified by market focus over the seven-year sample period, demonstrates that, while the total number of cooperation activities remains relatively stable and at a high level compared to earlier periods,11 a majority of the deals were of a horizontal nature.

Add to that the blurring of the lines between traditional managers and hedge funds and it becomes clear that trades will continue to get larger and more complex, increasing the value of brokers. With regard to the exchanges, the same logic seems to hold true. While major brokerage firms will work on creating their own versions of MTFs, they will find it hard to replace the national exchanges, assuming of course that the exchanges do react effectively to the new threat of competition. The steps taken by Deutsche Börse, by introducing new reporting services to help clients comply with the pre- and post-trade reporting and transparency requirements of MiFID; Euronext, developing a new transaction platform that will enable banks and brokers to internalise trades; and the NYSE, such as its hybrid market, are good examples of the ways in which the exchanges are fighting back.

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