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| Author: | Pirrong, C. |
| Title: | The organization of financial exchange markets: Theory and evidence |
| Journal: | Journal of Financial Markets
1999 : NOV, VOL. 2:4, p. 329-357 |
| Index terms: | Financial markets |
| Language: | eng |
| Abstract: | This article presents theory and evidence regarding the organization of financial exchange markets. It derives conditions under which (1) a member-owned exchange has a monopoly over the trade of a particular financial contract and its close substitutes, and (2) exchange members earn economic rents. The evidence regarding exchange market shares, rents, and membership policies is broadly consistent with predictions. |
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