Download e-book for iPad: Stock Market Integration: An International Perspective by E. Dorodnykh

By E. Dorodnykh

ISBN-10: 1137381698

ISBN-13: 9781137381699

ISBN-10: 1137381701

ISBN-13: 9781137381705

ISBN-10: 1349479683

ISBN-13: 9781349479689

This publication offers an unique method of the determinants of inventory trade integration. With case reports of winning integration initiatives in Europe, North the United States, Latin the United States in addition to intercontinental cross-border mergers, it presents a whole research of all latest integration tasks among inventory alternate markets.

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2010; Nicolini, 2010). According to Hasan and Schmiedel (2003), the integration process has also increased the popularity of mergers, especially implicit mergers or network deals among exchanges. The integration following a merger is definitely strong and almost irreversible. Besides, it is possible to formulate the main drivers behind M&As in financial integration: the start of a phase of far-reaching deregulation in the financial sector, a wave of intensive innovation in technology and financial instruments, the consequent growth of competitive stresses between operators, the rising financial integration of the domestic and international markets and, finally, the general trend towards globalization.

As a result, all products listed in Amsterdam, Brussels, Paris, and Lisbon were traded through Nouveau System de Cotation (NSC), developed by Paris Bourse in the 1990s, and cleared by Clearnet. 1057/9781137381705 Evidences from the Recent History  et al. (2013) report that Euronext has worked actively with regulators in the individual jurisdictions to harmonize various rules and regulations through the Euronext Rulebook, designed for companies who seek to list their equities on the new European stock exchange market.

2010) provide that alliances generate more value when the integration is horizontal (cross-border) than when it is vertical (domestic). However, alliances belong to weak types of integration, and they can have influence on only the operational phase rather than the structural changes of markets. In particular, Giovannini (2010) suggests that the decision process leading to alliances may be facilitated in a common stock setting as opposed to a mutual setting. In addition, the presence of potential conflicts of interest between the stock exchanges and their users (intermediaries) may call for a more diverse ownership structure, and more autonomous management.

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Stock Market Integration: An International Perspective by E. Dorodnykh


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