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There is a bourgeoning strand of academic literature dealing with the matter of corporate governance in the exchange industry. Large part of that literature investigates the reasons why exchanges modify their legal status. In particular, it tries to find a viable economic explanation to the demutualization of exchanges and the subsequent listing of major exchanges. The corporatization of exchanges would mirror the attempt to balance the vested interests of brokerage firms and outside shareholders, locals and international intermediaries, listed firms and platform users. | Journal of Applied Finance Banking vol. 3 no. 5 2013 169-185 ISSN 1792-6580 print version 1792-6599 online Scienpress Ltd 2013 Changing Paradigms in Stock Exchanges Governance Josanco Floreani1 and Maurizio Polato2 Abstract There is a bourgeoning strand of academic literature dealing with the matter of corporate governance in the exchange industry. Large part of that literature investigates the reasons why exchanges modify their legal status. In particular it tries to find a viable economic explanation to the demutualization of exchanges and the subsequent listing of major exchanges. The corporatization of exchanges would mirror the attempt to balance the vested interests of brokerage firms and outside shareholders locals and international intermediaries listed firms and platform users. The exchange industry has been rapidly evolving especially during the last decade. Alongside with increasing consolidation the exchange industry is experiencing a particular path of development moving toward a deepening of links between platforms. Such a development is a by-product of institutionalization of ownership and links platforms at an ownership level. What we are seeing are few large institutional investors holding large stakes in major exchanges exerting the facto a joint influence in the biggest players. We may call it as a form of soft consolidation or clustering. It becomes therefore interesting to delve into the implications and criticalities connected to the growing up of clusters of exchanges. JEL classification numbers G 15 G 23 G 28. Keywords Securities exchanges ownership governance exit networks access rights. 1 Literature Review Exchanges governance is one of the main topics in stock exchanges related literature. Although a great variety of contributions engages with the explanation of exchanges incentives to modify their governance arrangements there is a lack of research studying the implications of recent developments in the exchange industry s structure. .
