I would first like to express my gratitude for my research supervisor, colleagues, peers and family whose immense and constant support has been a source of continuous guidance and inspiration.
DECLARATION
I [type your full first names & surname here], declare that the following dissertation and its entire content has been an individual, unaided effort and has not been submitted or published before. Furthermore, it reflects my opinion and take on the topic and is does not represent the opinion of the University.
Signature:Dated:
Executive Summary
With the growing appeal of cross-border trading in Europe, efforts are under way to establish consolidated exchanges that offer trading in stocks from many European countries. An analysis of these evolving pan-European exchanges suggests that consolidation could reduce the costs and complications of cross-border trading through such enhancements as a standardization of trading platforms. Yet regulatory, legal, and economic barriers to the creation of these exchanges may delay any benefits of consolidation.
Table of Content
Chapter: 1 Introduction6
The Four Key Factors9
Background10
Research Question12
Chapter 2: Methodology13
The 1985 White Paper14
Eurolist and Euroquote15
Eurolist20
Nordquote23
Chapter 3: Literature Review29
Stock Exchange Consolidation in Europe29
Advantages of Consolidation31
Compatible/Shared Trading Platforms31
Heightened Market Liquidity32
Critical Analysis of Reports33
Wise Men Report33
CESAME Report35
Giovanni Reports39
Chapter 4: Discussion and Analysis42
European Integration in General42
The Special Case of European Integration42
Milestones in European Integration45
The Legal Mechanisms of Integration46
The Institutions47
The Legal Doctrines48
The Principle of Mutual Recognition49
The Principle of Subsidiarity51
Cross-Listing and Transborder Trading52
Cross-Market Arbitrage57
Barriers to Consolidation67
Product Differentiation67
Legal and Regulatory Differences68
Information Costs and Home-Country Bias69
Fragmentation of Clearing and Settlement Systems69
A Comparison with U.S. Consolidations71
Chapter 6: Argumentative Analysis75
Stock Market Related Aspects75
Corporate Governance76
Public Saving and Pensions79
Clearance and Settlement82
Foreign Exchange Regulation85
Taxation86
Chapter 7: Case Study Analysis88
Chapter 8: Conclusion94
References98
Chapter: 1 Introduction
If Caesar had been more involved in supplies and portions than in slings and projectiles, a pot European Stock Exchange would likely be truth already. Sadly, it has taken another two 1000 years to find us in the place where we might, and only just might, have another opening to trial again.
Luckily this time, we are not reliant upon the infantry might of some impetrator's legions to force us into this, but I worry there is still a very good possibility of important bloodletting before there is any last success. Perhaps we could manage with a financially founded Caesar to force the issue? The key to the difficulty lies not in the reasoning of a lone exchange, or even its economic viability, but rather the political positioning of the managers of these exchanges. They arrive with all the luggage of customary and nationwide organisations, prepared to defend their heritage. Thus, they would appear to have little eagerness to relinquish their defended localized places except so forced.
They will converse and argument and have all the concentrated propel of a bickering assembly of Roman senators, incapable to acquiesce on any thing but the smallest widespread denominator. So, will another Caesar bang their heads simultaneously, or will he be assassinated too? There are, although, good causes why Europe finds itself in this position. The European bourses and swaps have past notes going out with back ...