Demutualization Of Securities Exchanges
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The Economics Of Demutualization
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Author : Felix Treptow
language : en
Publisher: Springer Science & Business Media
Release Date : 2007-11-03
The Economics Of Demutualization written by Felix Treptow and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-11-03 with Business & Economics categories.
Felix Treptow examines the changing relationship between exchanges and issuers, analyses the micro- and macroeconomic drivers of the demutualization decision, and investigates its impact on market liquidity. He presents a detailed analysis of both the determinants as well as the consequences of the demutualization of securities exchanges.
Demutualization Of Stock Exchanges
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Author : Shamshad Akhtar
language : en
Publisher:
Release Date : 2002
Demutualization Of Stock Exchanges written by Shamshad Akhtar and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with Business & Economics categories.
This examination of the demutualization of stock exchanges outlines the process by which a nonprofit, member-owned mutual organization is transformed into a for-profit shareholder corporation. The general problems this process brings about and how they might be solved are detailed. In particular, this book looks at how regulatory oversight needs to be transferred to a government regulator.
Demutualization Of Securities Exchanges
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Author : Ms.Jennifer A. Elliott
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2002-07-01
Demutualization Of Securities Exchanges written by Ms.Jennifer A. Elliott and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-07-01 with Business & Economics categories.
Demutualization is a term used to describe the transition of a securities exchange from a mutual association of exchange members operating on a not-for-profit basis to a limited liability, for-profit company accountable to shareholders. Demutualization in its many forms has become a widespread phenomenon-one with increasing appeal in emerging market countries. Demutualization challenges the traditional approach to supervision of securities exchanges and raises issues regarding their role in the regulation and supervision of capital markets.
Demutualization Of Securities Exchanges
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Author : Jennifer E. Elliott
language : en
Publisher:
Release Date : 2006
Demutualization Of Securities Exchanges written by Jennifer E. Elliott and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
Demutualization is a term used to describe the transition of a securities exchange from a mutual association of exchange members operating on a not-for-profit basis to a limited liability, for-profit company accountable to shareholders. Demutualization in its many forms has become a widespread phenomenon--one with increasing appeal in emerging market countries. Demutualization challenges the traditional approach to supervision of securities exchanges and raises issues regarding their role in the regulation and supervision of capital markets.
Governance Structures In African Securities Exchanges
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Author : Samuel O. Onyuma
language : en
Publisher: Notion Press
Release Date : 2023-10-09
Governance Structures In African Securities Exchanges written by Samuel O. Onyuma and has been published by Notion Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-10-09 with Business & Economics categories.
Demutualization is the transformation of a securities exchange governance structure from a mutual association of stockbrokers operating as not-for profit entity into a for-profit company accountable to its shareholders. It has become a widespread phenomenon – one with increasing appeal in developed markets. It challenges the traditional approach to regulation of securities exchanges and raises issues regarding their role in capital markets regulation. In spite of its popularity as a strategy for catalysing securities exchange development in emerging economies, its pace in Africa has been excruciatingly very slow. African securities exchanges therefore remain underdeveloped compared to their peers in other emerging markets. So, how can African securities exchanges facing the challenge of integration and better technical and institutional development address the problem of underdevelopment through demutualization? This book explains how demutualization can enable greater and swifter securities market development in Africa; the role government regulators should play in demutualization of exchanges in African countries; the right self-regulatory model applicable to African exchanges; effective management of conflicts of interest and other barriers to separation of ownership from management and trading rights; types of investments needed to enhance the effectiveness of African’s capital market; and how securities exchange demutualization can facilitate African countries destiny to become leading capital markets globally.
Demutualization Of Securities Exchanges
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Author : Dhaneshwar Ghura
language : en
Publisher:
Release Date : 2002
Demutualization Of Securities Exchanges written by Dhaneshwar Ghura and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.
Demutualization Of Securities Exchanges
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Author : Dhaneshwar Ghura
language : en
Publisher:
Release Date : 2002
Demutualization Of Securities Exchanges written by Dhaneshwar Ghura and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.
The Effect Of Stock Exchange Demutualization On Liquidity And Transparency Of Listed Firms
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Author : Shawn X. Huang
language : en
Publisher:
Release Date : 2020
The Effect Of Stock Exchange Demutualization On Liquidity And Transparency Of Listed Firms written by Shawn X. Huang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
This study investigates the association between changes in the operating structure of stock exchanges in recent decades, from mutually owned (broker/dealer-owned) to demutualized (for-profit, shareholder-owned), and stock liquidity and transparency of listed firms. We focus on de facto demutualized exchanges, i.e., exchanges that went public and became owned by multiple shareholders following demutualization. For these exchanges, we find that liquidity improves post-demutualization, consistent with prior literature in finance. Next, we examine whether these improvements in liquidity are attributable to changes in the quality of listed firms and regulatory oversight, or whether they are more likely due to other causes (e.g., an increase in technological spending by the exchange). Our results indicate that reporting quality of listed firms declines post-demutualization, supporting the second explanation. In supplemental analyses focusing on new listings and trading suspensions, we find that the changes in reporting quality are driven primarily by already listed firms and not by new listings. Overall, our results point to declining reporting quality of listed firms after demutualization, which highlights the concern of market participants, academics, and regulators that the demutualization of stock exchanges may lead to a decline in regulatory oversight of listed firms.
Demutualization Of Stock Exchanges
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Author : Saadia Altaf
language : en
Publisher:
Release Date : 2009
Demutualization Of Stock Exchanges written by Saadia Altaf and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
Demutualization Of Stock Exchanges In Bangladesh
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Author : Md. Awal Al Kabir
language : en
Publisher:
Release Date : 2013
Demutualization Of Stock Exchanges In Bangladesh written by Md. Awal Al Kabir and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
Demutualization refers to the change in legal status of the exchange from a mutual association into a company limited by shares. Demutualization as a concept is neither a very new concept nor sophisticated. This paper analyses the demutualization of stock exchange as a mechanism to enhance the corporate governance, increased flexibility in decision-making, and responses to globalization and international alliances in the context of Bangladesh. The study also identifies few challenges in the way of demutualization such as conflicts of interests, ownership structure, regulatory issues, financial stability etc. An overall structure and a corporate structure are proposed in this paper to implement demutualization in Bangladesh. To face the challenges and make the demutualization viable a regulatory framework is necessary which will ensure appropriateness of organization structure, develop risk management strategy, corporate governance model to govern and managed the stock exchange efficiently and fairly.
