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What is an Exchange?Automation, Management, and Regulation of Financial Markets$
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Ruben Lee

Print publication date: 2000

Print ISBN-13: 9780198297048

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198297048.001.0001

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(p.8) 2 Governance
What is an Exchange?

Ruben Lee

Oxford University Press

This chapter examines the governance of exchanges. It is organized as follows. The first section presents a preliminary analysis of the three archetypal organizational structures that have most commonly been adopted by exchanges: the nonprofit, the consumer cooperative, and the for-profit forms. The relative costs of adopting each archetype are also examined. The second section discusses the variety and complexity of different exchanges' governance structures, and identifies some additional costs associated with the three. The third section analyzes the two important ways in which the governance of an exchange may come under pressure to change.

Keywords:   exchanges, exchange governance, governance structures, organizational structures

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