TAILIEUCHUNG - The role of stock exchanges in corporate governance

Finally, stock exchange alliances and increasing collaboration is acting to improve governance standards globally. Through exchange alliances and initiatives to attract dual listings, exchanges are also helping to spread good governance standards globally. For instance, NASDAQ OMX has been active in providing counselling to exchanges in Eastern Europe and the Middle East on how to improve transparency and disclosure in their local market though sharing its experiences in this area. Though it is debatable whether such initiatives will lead to regulatory harmonisation, it is clear that they can lead to potential improvements of governance standards in emerging markets. . | ISSN 1995-2864 Financial Market Trends OECD 2008 Pre-publication version for Vol. 2009 1 The Role of Stock Exchanges in Corporate Governance Hans Christiansen and Alissa Koldertsova Historically the main direct contribution of exchanges to corporate governance has been listing and disclosure standards and monitoring compliance stock exchanges have established themselves as promoters of corporate governance recommendations for listed companies. Demutualisation and the subsequent self-listing of exchanges have spurred debate on the role of exchanges. Regulators have been concerned about conflicts of interest between exchanges for-profit activities and their regulatory responsibilities. The conversion of exchanges to listed companies is thought to have intensified competition. And the sharper competition has forced the question of whether there is a risk of a regulatory race to the bottom . Recently the rise of alternative trading systems ATS first in the United States and then in Europe have had a profound impact. Their existence has induced exchanges to cut fees and in some cases launch their own off-exchange trading platforms. The effect of ATSs on corporate governance is not clear. Two practical concerns voiced so far are first that trading fragmentation may reduce the transparency of the markets for corporate control and adverse consequences for price discovery. Secondly exchanges are uneasy about the prospect of having to continue performing their traditional regulatory and other corporategovernance enhancing functions amid a shrinking revenue base. Hans Christiansen and Alissa Koldertsova are respectively Senior Economist and Policy Analyst in the Corporate Affairs Division of the OECD s Directorate for Financial and Enterprise Affairs. While the article builds on earlier OECD work it was provided by the authors in a private capacity views expressed are not necessarily shared by the OECD or the Organisation s member countries. FINANCIAL MARKET TRENDS - ISSN .

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