The Economics of the Global Stock Exchange Industry [electronic resource] /
Floreani, J.author.
Polato, M.author.
This book is an economic analysis of the stock exchange industry. The authors draw on theories from micro- and industrial economics to provide a detailed analysis of the industry structure, the strategic behaviour of key participants and the performance of stock exchanges.
Description based upon print version of record.
Cover; Contents; List of Tables; List of Figures; Preface; Acknowledgements; 1 Securities Industry and Exchange Industry: Organization and Value Chain; 1 Introduction; 2 The securities and exchange industry; 3 The demand and the supply side; 4 Two-sided platforms; 5 Exchange's services, property rights and regulatory implications; 6 Competition and market microstructure. Why study the organization of the securities industry?; 7 Competition between trading venues: the relevant market; 8 Conclusions; 2 The Exchange Industry: An Overview; 1 Introduction
2 The consolidation process and the rise of conglomerate exchanges3 The exchange industry: some figures; 4 A framework for understanding value creation; 5 Industry-specific sources of value; 6 The economics of the exchange industry; 7 Exchange business models: an overview; 8 Securities exchanges and alternative systems: an evolving relationship; 9 Conclusions; 3 Securities Industry Regulation. Implications for Exchanges' Performances; 1 Introduction; 2 The rationale of exchange industry regulation; 3 New regulatory frameworks in Europe and the United States
4 Exchange industry services and access rights5 Regulation, competition and financial stability; 6 Conclusions; 4 The Governance of Securities Exchanges. New Insights; 1 Introduction; 2 Literature review; 3 Securities exchanges and ownership structures; 4 Governance arrangements, objective function and conflicts of interest; 5 Controlling chains. Which kind of governance?; 6 Global exchange governance. Who controls platforms?; 7 Conclusions; 5 The Economics of Exchanges; 1 Introduction; 2 Literature review; 3 What is the objective function of exchanges and other platforms?
4 The revenue function5 The cost function; 6 Objective function and profit maximization; 7 Conclusions; 6 A Risk-Adjusted Model for Performance Measurement; 1 Introduction; 2 The conceptual framework; 3 An operative performance measure: the constituents; 4 Managing trading platforms: a map of risks; 5 The cost of capital; 6 The model; 7 Conclusions; 7 The Economics of the Exchange Industry: An Empirical Overview; 1 Introduction; 2 A financial analysis; 3 Revenue and cost functions; 4 A performance analysis; 5 Earnings and multiples; 6 Securities exchanges: shareholder value and risk profile
6.1 Share returns and shareholder value6.2 The risk profile of listed exchanges: an analysis of the beta; 7 Implications and expected future developments; Appendix; Notes; References; Index
Includes bibliographical references and index.
This book is an economic analysis of the stock exchange industry. The authors draw on theories from micro- and industrial economics to provide a detailed analysis of the industry structure, the strategic behaviour of key participants and the performance of stock exchanges.
Business enterprises—Finance.
Macroeconomics.
Capital market.
Microeconomics.
Investment banking.
Securities.
International economics.
Business Finance.
Macroeconomics/Monetary Economics//Financial Economics.
Capital Markets.
Microeconomics.
Investments and Securities.
International Economics.