The Governance of Securities Exchanges. New Insights
There is a bourgeoning strand of academic literature dealing with the subject of corporate governance in the exchange industry. A large part of that literature investigates the reasons why exchanges modify their legal status. In particular, it tries to find a viable economic explanation for the demutualization of exchanges and the subsequent listing of major exchanges. To accomplish that task academic literature has investigated the different incentives of various stakeholders. Broadly speaking, the corporatization of exchanges would seem to mirror the attempts that have been made to balance the vested interests of brokerage firms and outside shareholders, local and international intermediaries, listed firms and platform users.
KeywordsCorporate Governance Ownership Structure Minority Shareholder Institutional Ownership Governance Arrangement
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