1,057 research outputs found
Fintech in the exchange industry: potential for disruption?
No full textThe recent growth of financial technology ventures involves several types of financial players, including stock exchanges. Many of them are exploring blockchain applications to their multiple business lines, focusing in particular on post trading activities. Potential benefits include the reduction in counterparty risk and post trading costs as well as the increase of liquidity and transparency. At current stage exchanges are mainly exploring the technology looking for proofs of concept, with the exception of some more advanced projects like at Nasdaq and ASX. The mass adoption will require longer efforts and is expected to come in a decade, at least. Fintech developments are receiving strong attention also by regulators and international organizations, given the potential of distributed ledger technology for both competition enhancement and cyber risk reduction. A coordination between market players and regulators is essential to guarantee
the effective implementation of new technologies, as their benefits can be delivered only in presence of a common framework and a proper management of risks
Evolution of the exchange industry. From dealer's clubs to multinational companies
No full textNo abstract availabl
Cross listing and the evolution of global stock market liquidity
No full textThe globalization of capital markets, combined with the recent consolidation wave among stock exchanges, has encouraged growing competition among major listing centres to capture companies choosing to raise capital through equity issues beyond their home markets. In the chapter the reader will be provided with a review of related theories and empirical findings. Such review will be precipitated by a picture of the cross-listing market in the last decade, in order to better appreciate the past evolution of studies and new emerging perspectives
Funding Processes
No full textThe chapter deals with the funding policies adopted by venture capital companies. After a description of micro and macro economics in fundraising and related theooretical explanations, the contribution describes the main procedures adopted in funding activity and the current market shape at the EU level. A final focus on the Italian case concludes
LA GESTIONE DEI CREDITI ANOMALI IN TEMPO DI CRISI
No full textL'evoluzione del mercato del credito al dettaglio negli anni più recenti, caratterizzati da una riduzione dei volumi erogati e da un aumento delle anomalie, va evidenziando l'importanza di un approccio proattivo e sempre più business oriented anche nella fase di recupero dei crediti, volto a minimizzare i tempi ed i costi della collection nonché a conservare, dove possibile, la relazione con il cliente
I delisting dal mercato azionario italiano: analisi empirica delle cause e delle conseguenze
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Trading of shares in the Societates Publicanorum?
No full textThis paper demonstrates the often repeated modern claim of significant trading in ‘shares of the societates publicanorum’ (partes) during the late Roman Republic cannot be supported using the available ‘primary sources’. Building on recent contributions detailing the economy of the late Republic, in general, and the tax farming activities of the publicani, in particular, an alternative more plausible legal and commercial explanation of the ‘primary sources’ – especially In Vatinium [12.29] and Pro C. Rabiro Postumo [2.4] – is provided
The exchange industry evolution and the impact of Mifid II
No full textThis work aims to illustrate the strategies played by major world exchanges in recent years. Furthermore, it attempts to prospect the possible evolution of the exchange industry in the near future, as the implementation of new regulations will lead to new threats and opportunities for all types of trading venues active on all kinds of asset classes. The first section describe the current scenario of the exchange industry, reporting data on exchange volumes, profitability and market performance. Functions and economics of exchanges are then analyzed, recalling their historical evolution and describing main activities composing the actual value chain of stock exchanges, with a focus on competitive analysis and revenues breakdown. More recurrent strategic patterns in the exchange industry are then identified, highlighting the role of M&A deals. The last section is dedicated to new incoming regulations (especially EMIR and MiFID II) and their potential impact on the exchange industry
Lessons from the IPO bubble
No full textThe investment surge in the late 1990s saw continental Europe’s primary market for shares jump sharply. Studies of historic data (1999-2001) show that Europe’s biggest equity markets remain heavily domestic despite the euro – preferring to use local banks to manage their initial offering, and with countries such as France selling predominantly into the local market. Spain, Italy, and the Netherlands tended to experience bigger IPOs than either France or Germany
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