Demutualization of Securities Exchanges: A Regulatory Perspective

IMF Working Papers, July 1, 2002

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Demutualization of Securities Exchanges: A Regulatory Perspective

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Bibliographic details

• Authors: Jennifer A. Elliott
• Published: July 1, 2002
• Series: IMF Working Papers
• DOI: https://doi.org/10.5089/9781451854183.001

Overview and definition

• Demutualization: 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.
• Characteristic: occurs in many forms and has become a widespread phenomenon, with increasing appeal in emerging market countries.

Main findings and themes

• Demutualization challenges the traditional approach to supervision of securities exchanges.
• Demutualization raises issues regarding exchanges' role in the regulation and supervision of capital markets.
• The working paper frames demutualization as altering the governance and incentive structures of exchanges, with implications for market conduct, surveillance, and regulator–exchange relations.

Subjects and keywords (as listed)

• Subjects: Competition, Emerging and frontier financial markets, Financial institutions, Financial markets, International trade, Securities, Stock markets, Trade systems
• Keywords: Competition, conduct regulation, Emerging and frontier financial markets, exchange member, exchanges business, FIBV market principle, Global, listed company, market conduct rule, market participant, market surveillance, monopoly exchange, Nasdaq market, North America, regulation function, regulator-exchange relation, Securities, securities regulation, stock exchanges, Stock markets, Trade systems, WP

Access and distribution notes

• Classified as an IMF Working Paper: describes research in progress and is published to elicit comments and further debate.
• Disclaimer: "This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy."

Source: IMF Working Paper "Demutualization of Securities Exchanges: A Regulatory Perspective", Jennifer A. Elliott, July 1, 2002.

Content in this bundle

• Demutualization of Securities Exchanges: A Regulatory Perspective - WP/02/119 revised
  • Demutualization of Securities Exchanges: A Regulatory Perspective - WP/02/119 revised (Markdown version)
  • Demutualization of Securities Exchanges: A Regulatory Perspective - WP/02/119 revised (PDF)