Demutualization of Securities Exchanges: A Regulatory Perspective

July 1, 2002

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.

Subject: 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

Pages:
30
Volume:
2002
DOI:
https://doi.org/10.5089/9781451854183.001
Issue:
119
Series:
Working Paper No. 2002/119
Stock No:
WPIEA1192002
ISBN:
9781451854183
ISSN:
1018-5941

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