Never Mind the Economics

This article examines mergers between stock exchanges in a particular region – both from an economic sense, and from a political perspective.

The Future of Securities Exchanges

This paper presents a range of predictions about securities exchanges. It seeks both to extrapolate logical conclusions from current trends, and to ensure that all is for the best in the best of all possible futures. Four broad themes are discussed: information, industry, governance, and politics. Predictions are made about each of these themes, and comments are provided on why the predictions will come to pass, and on some of their commercial and regulatory implications.

Capital Markets that Benefit Investors

This report examines the extent to which existing published evidence answers key questions about whether competition/fragmentation and internalisation harm market performance or best execution, and about what effects various levels and types of transparency have on market performance and best execution.

Development of the Non-Gilt Sterling Bond Market

This report examines the development of the non-gilt sterling bond market. Its primary focus is to identify and discuss some key factors which could encourage growth in the market. A series of suggestions are made for how the structure of the market might be improved. Investors’ opinions were actively sought out and assessed in the preparation for the report.