Internationalization of stock exchanges
Stock exchanges are receiving increasing attention both as markets where securities are traded and as organizations which take on the form of multinational corporations. At the same time, they are experiencing a number of changes due to the rising importance of trading technology, international competition and regulatory decisions. Today, after a consolidation at the national level, the biggest exchanges are looking across borders to improve and extend their business model. These stock exchange operators are internationalizing their activities and are reorganizing trading, clearing and settlement activities, potentially with great impact on national socio-economic configurations. These developments raise a number of questions: What are the important factors driving organizational changes in stock exchanges? How does the commercialization and internationalization of securities trading impact the stock exchanges? What is the role of regulation, and at which level does it take place?
The aim of the project is to analyse the conditions, causes and consequences of organizational changes in securities trading. This is done in two steps: the first exploratory phase consists of data collection for the world’s biggest stock exchanges over time followed by a systematization of the different internationalization strategies. A more in-depth analysis follows in the second stage in which drivers, mechanisms and logics of the internationalization of stock exchanges are investigated through a number of case studies.