Evolution of the Exchange Industry: From Dealers’ Clubs to by Manuela Geranio

By Manuela Geranio

This e-book describes the dramatic alterations that experience happened within the trade in past times 20 years. The ideas followed by way of significant global exchanges in this interval are defined and the jobs of multilateral buying and selling platforms and over the counter (OTC) gamers are truly defined, highlighting their economics and their interconnections with conventional exchanges. updated, complete comparisons are made from the performances of the most exchanges, and demanding governance concerns are thought of. moreover, threats and possibilities for significant varieties of buying and selling venue, deriving both from new regulatory methods or from the surge in new markets, are offered and mentioned so as to forecasting destiny advancements within the secondary marketplace industry.The history to the ebook is the powerful erosion in conventional revenue drivers for exchanges produced by means of the development in communications and buying and selling know-how. in lots of nations, law has lowered limitations to access within the fairness box, facilitating a surge in new gamers and a shift of liquidity towards substitute buying and selling systems and darkish pools.

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4), forcing exchanges to increase their dimensions and look for economies of scale. More recently, trading volumes decreased as a consequence of the financial crisis on equity markets as well. For this reason, today stock exchanges are trying to expand the use of their trading platforms, adding new financial products to their list of tradable items, in particular including ETFs, derivatives and commodities (see Chap. 3). C—Post Trading involves several activities, namely clearing, settlement and custody services.

Indeed, many equity exchanges are expanding the range of asset classes available for trading on their platforms, including ETFs, derivatives, foreign bonds and equities, energy derivatives, and so forth. At the same time, technology built in-house can be resold or licensed to newer/ smaller exchanges, making a positive contribution to revenues of larger exchanges. On one hand, small exchanges are prompted to buy technology that has already been developed and tested by major players, in light of the time, costs, and highly specialized knowledge required to do so.

In the case of eurobonds (covered warrants and asset-backed securities targeting the international market), the central security depository is often chosen by the issuer among the few that are available at the international level (Euroclear, based in Brussels and Clearstream, in Luxembourg). This international central security depository (ICSD) may also offer sub-custodian services for products with another issuer CSD, provided that agreements are established with the latter. This type of service is usually called “global custody” and is also provided by some large banks.

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