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Exchanges play an essential and central role in the world's economy. They epitomize transparency in the price-formation process, informing investors and disseminating vital information for the functioning of financial markets, and in so doing they represent an important source of capital for nascent and established companies alike. Even during the recent crisis, exchanges remained open and liquid in the face of extreme volatility-thus the trust investors place in regulated exchanges when confronted with uncertainty is beyond doubt.
Since the inception of the World Federation of Exchanges in the 1960s, the operational and competitive landscape for organized exchanges has changed radically. Technology and globalization have allowed financial flows to move freely across borders, and burgeoning competition and lower regulatory barriers have spurred far-reaching transformations in the way securities are traded.
Against this background, and on the occasion of the 50th anniversary of the World Federation of Exchanges, the WFE has partnered with Larry Harris and the Centre for European Policy Studies to produce a definitive volume of essays to take a look at the historic role exchanges have played in the global economy, highlighting pivotal innovations that shaped this role, and to lay out prospective ways in which exchanges will continue to shape the global economy in the future. Opening with key conceptual essays by leading academics, Regulated Exchanges examines the historical contribution of exchanges to the world's economic growth, exchanges' economic importance, and the regulatory characteristics of the space in which exchanges operate. The volume then presents essays on several defining milestones in the history of exchanges written by leading figures that took part in that very history, showing the interaction between the founding of exchanges, local cultures, and world financial markets. The book appropriately closes with a look forward, examining the competitive landscape and the exciting and promising future of regulated exchanges.
Offering an unparalleled collection of perspectives from leading academics and practitioners involved in the history of exchanges, Regulated Exchanges sheds a brilliant and welcome light on how exchanges have influenced and fostered successful financial markets, and how they will do so for many years to come.
Lawrence Harris, Editor-in-chief, University of Southern California Marshall School of Business
Forward and Acknowledgements
William J. Brodsky, Chairman, World Federation of Exchanges; Chairman, Chicago Board Options Exchange
Thomas Krantz, Secretary General, World Federation of Exchanges
Pedro Rodríguez Ponga, past president, Bolsa of Madrid and past chairman, WFE
PART I - ESSENTIAL PERSPECTIVES
Chapter 1. "Exchanges in Historical and Global Context"
Ranald Michie, University of Durham
Chapter 2. "The Economics of Trading and of Regulated Exchanges"
Lawrence Harris, University of Southern California Marshall School of Business
Chapter 3. "Capital Markets Regulation Revisited"
Karel Lannoo, Centre for European Policy Studies
Piero Cinquegrana, Centre for European Policy Studies
PART II - FIVE DEFINING INNOVATIONS
Chapter 4. "A Retrospective of the Unfixing of Rates and Related Deregulation"
Roberta Karmel, Brooklyn Law School
Chapter 5. "Chicago's Decade of Innovation, 1972-1982,"
Hal Weitzman, Financial Times
Chapter 6. "The Long, Promising Evolution of Screen-Based Trading"
Michael Gorham, Illinois Institute of Technology
Chapter 7. "Demutualisation and Self-listing,"
Bengt Ryden, former CEO, Stockholm Stock Exchange
Chapter 8. "The Creation of Exchanges in Countries with Communist Histories"
Wieslaw Rozlucki, Chairman of the Supervisory Board, Bank BPH, and former chairman, Warsaw Stock Exchange
PART III - VISIONS OF THE FUTURE
Chapter 9. "The World's Exchanges as Social Agents"
Edemir Pinto, CEO, BM&FBOVESPA
Chapter 10. "Regulated Exchanges and the Ethos of Public Capital Markets"
Atsushi Saito, President and CEO, Tokyo Stock Exchange Group
Chapter 11. "A Free Option on the Future: Regulated Exchanges beyond 2010"
Stephan Malherbe, Genesis Analytics
Nicky Newton-King, Deputy CEO, Johannesburg Stock Exchange
Siobhan Cleary, Senior Manager, Johannesburg Stock Exchange
Appendix: WFE memorabilia