Demutualization of Securities Exchanges : A Regulatory Perspective

Author/Editor:

Jennifer A. Elliott

Publication Date:

July 1, 2002

Electronic Access:

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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. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

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.

Series:

Working Paper No. 02/119

Subject:

English

Publication Date:

July 1, 2002

ISBN/ISSN:

9781451854183/1018-5941

Stock No:

WPIEA1192002

Price:

$15.00 (Academic Rate:$15.00)

Format:

Paper

Pages:

30

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