Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/211900 
Year of Publication: 
2001
Series/Report no.: 
Bank of Finland Discussion Papers No. 22/2001
Publisher: 
Bank of Finland, Helsinki
Abstract: 
This paper investigates the market consequences of alliance formation among stock exchanges.These alliances enable brokers to match investors internationally at their local market, thereby eliminating the need for brokers to maintain memberships in foreign stock exchanges.We sort out the conditions under which alliance formation increases profits for stock exchanges and brokers, and how changes in fee structures affect investors' participation rates and welfare.Finally, we examine several methods for implementing access fees and their welfare implications.
Subjects: 
stock exchange alliances
access fees
competition among stock exchanges
Persistent Identifier of the first edition: 
ISBN: 
951-686-751-0
Document Type: 
Working Paper

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