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legal status of exchanges

European Business Organization Law Review (EBOR) (1)

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Changes in Ownership, Governance and Regulation of Stock Exchanges in Germany: Path Dependent Progress and an Unfinished Agenda
Harald Baum
Journal:

European Business Organization Law Review (EBOR) / Volume 5 / Issue 4 / December 2004

Published online by Cambridge University Press:

17 January 2005, pp. 677-704

Print publication:

December 2004
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Competitive pressure from an increasingly internationalised market for exchange services forces market participants as well as regulators to adapt and modernise. Thus it comes as no surprise that in Germany too, as elsewhere, ownership, governance and regulation of exchanges have changed rapidly within a surprisingly short period of time over the last few years. Further reforms are already being discussed. However, some structural and regulatory features are surprisingly resistant to change. What we see can therefore be labelled as distinctly ‘path dependent’ progress resulting in a somewhat unfinished agenda.