Download Stock Market Integration: An International Perspective by E. Dorodnykh PDF

By E. Dorodnykh

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

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Additional resources for Stock Market Integration: An International Perspective

Sample text

The first step is based on demutualization of Chicago Mercantile Exchange in 2000 and Chicago Board of Trade in 2005. Therefore, the private nature of two new companies gave the flexibility to stock exchanges to conclude a merger in July 2007 in order to improve their performances and to become a designated contract market. In fact, the CBOT’s primary focus was grain and interest rate futures; meanwhile CME was focused on live agriculture, foreign exchange and short rate futures. Thereby, these two markets were not direct competitors, but many of their products were complimentary, suggesting the close cooperation approach in the form of client base sharing.

1057/9781137381705 A Literature Review of the Stock Market Integration  unit costs and increase the likelihood of better service for traders and investors. For instance, Nicolini (2010) suggests that strategic alliances formed during a process of convergence between stock exchange markets protect against uncertainty and provide access to new trading opportunities. Meanwhile Hasan et al. (2010) provide that alliances generate more value when the integration is horizontal (cross-border) than when it is vertical (domestic).

Each of these steps can be either an intermediate or complete part of the integration process. 2. From the cooperation point of view, the main reason to change from network to merger is related to different degree of participants’ involvement. Networks are more flexible, and they are able to maintain separate identities of individual members. This type of cooperation represents the solution for the initial time of integration process. At this stage the participants have the opportunity to experience the effects of integration, retaining always an exit option.

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