Rise of the Intercontinental Exchange and Implications of its Merger with NYSE Euronext

Brown, Latoya

doi:10.5195/jlc.2013.60

Cited by 3 publications

(4 citation statements)

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“…Globalisation and digitalisation: exacerbating traditional anxieties surrounding exchange enforcement Traditional anxieties concerning the suitability of the "for-profit" exchange as a selfregulator and enforcer (Omarova, 2010) have been exacerbated by globalisation (Bradley, 2000). Demutualisation spawned the emergence of the cross-border "mega exchange" (Brown, 2013). Covering several asset classes and operating from several financial centres, these exemplars of globalisation pose a significant challenge to monitoring and enforcement (Diaz and Theodoulidis, 2012).…”

Section: Digital Agementioning

confidence: 99%

“…Firstly, a brief introduction to the four trading venues. Founded in 2000, ICE rapidly grew to acquire a significant presence as a venue for the trading of energy, financial and agricultural derivatives (Brown, 2013) COMEX is one of the smaller divisions of the Chicago Mercantile Exchange (CME). The CME is credited with having kick-started the drive to demutualisation in 2000 (Keaveny, 2004), although COMEX is a DCM in its own right.…”

Section: Rethinking Approaches To Enforcementmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

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How effective are the enforcement activities of derivatives exchanges in the digital age? A survey of enforcement notices through the lens of humans

Culley

2024

JFRC

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Purpose The purpose of this paper is to scrutinise the effectiveness of four derivative exchanges’ enforcement efforts since 2007. These exchanges include the Commodity Exchange Inc. and ICE Futures US from the United States and ICE Futures Europe and the London Metal Exchange from the UK. Design/methodology/approach The paper examines 799 enforcement notices published by four exchanges through a behavioural science lens: HUMANS conceived by Hunt (2023) in Humanizing Rules: Bringing Behavioural Science to Ethics and Compliance. Findings The paper finds the effectiveness of the exchanges’ enforcement efforts to be a mixed picture as financial markets transition from the digital to artificial intelligence era. Humans remain a key cog in the wheel of market participants’ trading operations, albeit their roles have changed. Despite this, some elements of exchanges’ enforcement regimes have not kept pace with the move from floor to remote trading. However, in other respects, their efforts are or should be, effective, at least in behavioural terms. Research limitations/implications The paper’s findings are arguably limited to exchanges based in Anglophone jurisdictions. The information published by the exchanges is variable, making “like-for-like” comparisons difficult in some areas. Practical implications The paper makes several recommendations that, if adopted, could help exchanges to increase the potency of their enforcement programmes. Originality/value A key aim of the paper is to shift the lens through which the debate concerning the efficacy of exchange-level oversight is conducted. Hitherto, a legal lens has been used, whereas this paper uses a behavioural lens.

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Section: Digital Agementioning

confidence: 99%

Section: Rethinking Approaches To Enforcementmentioning

confidence: 99%

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How effective are the enforcement activities of derivatives exchanges in the digital age? A survey of enforcement notices through the lens of humans

Culley

2024

JFRC

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“…The NYSE Euronext also acquired the American Stock Exchange in 2008. For these mergers and acquisitions, see Brown (2013: 117–18).…”

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confidence: 99%

The new kid on the block

Ubochioma

2016

Common Law World Review

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Since early 1990s, demutualization of stock exchanges has become a global trend. Recently, the Securities and Exchange Commission of Nigeria expressed the intention of Nigeria to join the global trend with the passage of the Securities and Exchange Commission Rules on Demutualization of 2015. This paper examines demutualization policy in Nigeria with particular reference to the issue of conflict of interest. It argues that conflict of interest in the post-demutualization era in Nigeria could be appropriately managed through the co-regulatory approach that is practised under the mutual structure, albeit with some reforms. The paper suggests two major reforms. First, the self-regulatory function of exchanges should be restructured in such a way that the role of exchanges as market operators would be distinct from their role as market regulators. Second, the regulatory role of the Securities and Exchange Commission should be expanded to include the power to appoint members of the board of management of a demutualized exchange; regulation of self-listing of a demutualized exchange; and adjudication of conflicts where the commercial interest of a demutualized exchange conflicts with that of a listed entity on the exchange. The paper further argues that such regulatory system would not only enhance the front-line regulatory responsibility of demutualized exchanges, but also ensure a balanced approach to regulation of conflicts of interest in post-demutualization era in Nigeria’s securities market.

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Saudi on the Rhine? Explaining the emergence of private governance in the global oil market

Goldthau

Hughes

2020

Review of International Political Economy

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Rise of the Intercontinental Exchange and Implications of its Merger with NYSE Euronext

Abstract: Rise of the Intercontinental Exchange and Implications of its Merger with NYSE Euronex

Cited by 3 publications

References 1 publication

How effective are the enforcement activities of derivatives exchanges in the digital age? A survey of enforcement notices through the lens of humans

How effective are the enforcement activities of derivatives exchanges in the digital age? A survey of enforcement notices through the lens of humans

The new kid on the block

Saudi on the Rhine? Explaining the emergence of private governance in the global oil market

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