Eventi del

28 2016 12:30 - 14:00
Sala riunioni 1.C3-01, primo piano, Via Roentgen 1

Diritto commerciale

Interconnections among exchanges: industrial and legal perspectives

Joseph Lee, Exeter University and British Academy;

Manuela Geranio, Finance Department, Bocconi University;

Filippo Annunziata, Angelo Sraffa Department of Legal Studies, Bocconi University;

Paola Fico, Head of capital markets and regulatory compliance at Borsa Italiana, LSE Group.

 

In collaborazione con Dipartimento di Finanza

 

Joint Seminar by Finance and Legal Studies Departments.

 

The stock exchange industry is faced with new challenges brought by technology advancement, and the industry has been through several phases of competition and consolidation. Stock exchange interconnections can bring synergies – increasing investors’ exposure to international markets, deepening capital pool and enhancing liquidity, reducing costs of market structure, and innovating new products. The Borsa Italiana-LSE merger, concluded in 2008, represents an interesting evidence to discuss.   

Currently, no regulatory regime has given special attention to facilitating these exchange–led connecting activities. Policy to drive competition in capital market has – to some extent - been successful in breaking through the silo models operated by many exchanges. Market stability measures can, on the one hand, facilitate disruption of national barriers. On the other hand, they can also have the effect of foreclosing competition between securities transactions providers at cross-border level such as the ECB’s location-policy on clearing houses.

The aims of the seminar is to stimulate intellectual discussion, provoke thoughts, engage in the debate of current issues, and disseminate research findings.