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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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Competition and Cooperation

Competition and Cooperation

(p.49) 4 Competition and Cooperation
What is an Exchange?

Ruben Lee

Oxford University Press

This chapter examines several key aspects of the concept of competition in the context of exchanges. The following broad questions are addressed: What does it mean to say that an exchange faces competition? What are the factors that give rise to such competition? How do exchanges react to competition? and in particular, When, why, and how, do they attempt to cooperate with, rather than compete against, each other? The chapter is composed of two sections. The nature of competition in the context of exchanges and markets is examined first. In the second section, some general comments on the nature of exchange cooperation are made.

Keywords:   exchanges, competition, cooperation, markets

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