The stock exchange industry has been subject to unprecedented dynamics in recent decades, particularly in Europe and the US. Exchanges are no longer organized as not-for-profit mutuals and have long lost their almost club-like atmosphere. Instead many of them have converted into commercial enterprises, abandoned their consensual governance structure and replaced the trading floor with an electronic trading system. The members (and customers) of the exchanges sold their interest in the exchange to international investors that - in contrast to the members - have a purely financial interest in...
The stock exchange industry has been subject to unprecedented dynamics in recent decades, particularly in Europe and the US. Exchanges are no longer o...