Equity Markets in Transition

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This book highlights the complexity and ongoing evolution of equity markets, driven by three key forces: competition, technological change, and regulatory shifts. Its primary focus is on achieving accurate price discovery for traders and the broader market. The contributors explore whether these forces enhance market quality or complicate accurate price discovery. The diversity of opinions reflects the challenges in reaching a consensus on public policy. From an institutional viewpoint, the text emphasizes the interconnectedness of the internal and external environments affecting exchange organizations. It examines how technological advancements and regulatory changes have reshaped the business landscape, creating new opportunities for equity markets, including their role in job creation. The book is structured in two parts: Part I offers a theoretical overview of the international equity market, detailing the stock trading value chain and its critical steps. Part II features insights from various experts with practical and academic expertise on these processes. This unique blend of theoretical and practical analysis provides valuable perspectives on the interactions within the exchange business, focusing on current trends in business models, regulation, and the dynamics among competitors, customers, and investors.