Future of the Financial Exchanges (eBook)

Insights and Analysis from The Mondo Visione Exchange Forum

Herbie Skeete (Autor)

eBook Download: PDF | EPUB

2010 | 1. Auflage
168 Seiten
Elsevier Science (Verlag)
978-0-08-092221-8 (ISBN)

Infos

In May 2007, an extraordinary meeting took place in London's ,The Exchange Forum. Chief executives from many of the world's most important financial exchanges came together with senior executives from a wide array of global banking, trading, and investing firms, index providers, regulators, system suppliers, and key academics to discuss the rapidly changing business and technological environment in which exchanges function. The forum was an exclusive event, open only to the most senior-level individuals in the global exchanges community: those who run exchanges, who are clients of exchanges, who invest in exchanges, and who supply goods and services to exchanges.

In presentations and panel discussions over two days, these experts explored the effect of shrinking margins as more instruments became exchange traded rather than OTC and the conflicts that creates. They shared what exchanges are doing today to respond to the challenges wrought by competition, globalization, and rapid technology advances. And they looked into the future and discussed the multi-asset, multi-currency, and multi-region trading that holds out the promise of future success.

The book is based on the discussion and analysis that took place at this exclusive event that brought together leading exchange professionals, their customers, and suppliers from around the globe to share insights and experiences. It will provide an overview of the latest technological, regulatory, and market developments in the exchange industry and the common problems exchanges face, explain how these problems are being addressed, and present the consensus view ,from leading exchange professionals about how to move forward. Most significant, the ideas in the book will come directly from the worlds leading exchange professionals and customers.

* Hear the voices of executive-level exchange professionals throughout the book for a candid, realistic, and high-level analysis of the exchange business, its present and future
* Share the stories of success and failure these exchange executives shared as they discussed solutions to common challenges
* Chart the way forward for your exchange business with confidence based on the collective insights and experience of these professionals

Inhalt

Front Cover 1
The Future of the Financial Exchanges 4
Copyright Page 5
Contents 6
Preface 10
Acknowledgments 12
Chapter 1: Two Decades of Change 14
Introduction 14
Background 15
Competition 17
Smart Order Management Systems 18
Demutualization 20
Stockholm Begins the Process 21
London Stock Exchange 21
NYMEX 24
ISE 26
Euronext 26
DTCC 27
Eurex 29
Corporate Governance 30
Governance and the Issue of Market Power 33
Governance and Socially Responsible Investing 35
Industry Initiatives and Voluntary Codes 36
Transparency 38
Regulation Today 40
The Competitiveness Debate 40
FINRA 41
CESR 43
Global Considerations 46
Self-Regulation 47
Chapter 2: Technology Is Driving Change 50
Introduction 50
"Plumbing" Innovations 51
Innovations on the Back End 54
Innovations in Trade Execution 56
Project Turquoise 59
Controversy 62
The Cycle of Competition 64
The Rulebook 66
Direct Market Access 68
Banks and DMA 69
Derivatives Markets 70
Derivatives in the OTC Space 70
Changing Client Base 71
Portfolio Margining 73
New Market Participation 75
Exchanges with Multiple Products 80
The Role of Hedge Funds in Growth 85
Maintaining the Loyalty of Market Makers 86
The OCC 86
Chapter 3: Regulation Is Affecting Trade through Settlement 90
Price and Quantity Discovery 90
Transaction Cost Analysis 92
More on Clearing and Settlement 95
Shift in Focus 96
Cast of Characters 96
Ensuring Competition in the "Plumbing" Business 97
Encouraging Market Entry 98
Cooperation or Competition? 99
Balancing Needs 101
The U.S. Infrastructure 102
Scale and Scope 105
TARGET2-Securities 106
Code of Conduct 108
Extending the Code of Conduct to Derivatives 111
Chapter 4: What Might Be Next 114
Introduction 114
The End of a Monopolistic Trading Environment? 115
Fragmentation 116
CSAs 117
Consolidation, Collaboration, and Competition 118
Midsize European Exchanges 119
M& A
Collaboration 121
Transatlantic Market Integration 123
Fees 125
Method 129
Vertical Silos 132
Innovation and Product Development 135
Johannesburg Stock Exchange 136
A New World for Private Shareholders 137
Educating Investors 138
Simplification 139
New Technology Frontiers 139
Latency 139
About the Author 144
Mondo Visione Exchange Forum 2007 Speakers’ Biographies 146
Index 158

Produkt-Details

• Erscheint lt. Verlag: 28.7.2010
• Sprache: englisch
• Themenwelt: Sachbuch/Ratgeber ► Beruf / Finanzen / Recht / Wirtschaft ► Geld / Bank / Börse
• Themenwelt: Recht / Steuern ► Wirtschaftsrecht
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
• Themenwelt: Betriebswirtschaft / Management ► Spezielle Betriebswirtschaftslehre ► Bankbetriebslehre
• ISBN-10: 0-08-092221-X / 008092221X
• ISBN-13: 978-0-08-092221-8 / 9780080922218