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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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Cooperation: Case Studies

Cooperation: Case Studies

(p.67) 5 Cooperation: Case Studies
What is an Exchange?

Ruben Lee

Oxford University Press

In order to illustrate the factors that influence how and why exchanges cooperate with each other this chapter presents some case studies of various cooperative linkages, joint projects, and also one merger, between diverse stock and futures exchanges. The chapter is composed of two sections. In the first, a series of market linkages and joint ventures proposed and undertaken by various stock exchanges are described. These include various European projects (IDIS, Euroquote, and Eurolist), three American–Canadian order routing linkages (between the AMEX and the TSE, the MSE and the TSE, and the BSE and ME), and two Anglo–American projects (between the PHLX and the LSE, and the NASD and the LSE). In the second section, several cooperative schemes pursued by diverse futures exchanges are discussed. These include the mutual-offset link between the CME and the Singapore International Monetary Exchange (SIMEX), GLOBEX, three European linkages — between DTB and MATIF, between OM and OMLX, and the FEX proposal, and finally the merger between NYMEX and COMEX.

Keywords:   stock exchanges, future exchanges, joint ventures, market linkage

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