Journal of
Italian
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Forum | Papers » Stock Exchange ownership and conflict of interests in Europe

Stock Exchange ownership and conflict of interests in Europe

Gianni Nicolini
May 2009 - n°5
Jel codes: G10, G15

How relevant is the conflict of interests for a Stock Exchange owned by financial intermediaries that are also clients of the securities market? In order to study this double linkage, activities done as owners are compared with actions carried out as clients of the Stock Exchange. Results show that, in almost all the cases analysed (except for the Spanish BME), the conflict of interests is not proved and ownership purposes are predominant respect to clients needs.