Cross-Border Securities Market Mergers
Cross-border securities exchange merger activity has taken center stage in the ongoing globalization of financial markets. This activity is exemplified by the February 2006 merger of the NYSE with the Euronext market.
These transactions occur in the context of a number of trends. A breakdown of national regulatory barriers is permitting cross-border trading in securities by an increasingly broad range of market participants. Technology has provided the means for 24-hour global trading and competition among public exchanges. There are also the newly emerging “private exchanges,” such as Goldman Sachs’ GSTRuE platform.
The Inaugural Conference explored the forces driving cross-border securities market merger activity, the trends' implications for the United States and world economies, and the challenges it poses for capital market regulation.