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Running the World's MarketsThe Governance of Financial Infrastructure$
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Ruben Lee

Print publication date: 2011

Print ISBN-13: 9780691133539

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691133539.001.0001

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Governance of Market Infrastructure Institutions: A Snapshot

Governance of Market Infrastructure Institutions: A Snapshot

Chapter:
(p.145) Chapter Five Governance of Market Infrastructure Institutions: A Snapshot
Source:
Running the World's Markets
Author(s):

Ruben Lee

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691133539.003.0006

The chapter provides an overview of how market infrastructure institutions in the cash equity markets around the world were governed as of September 2006. The 90 member exchanges of the World Federation of Exchanges, and their associated clearing and settlement entities, were examined. For exchanges, the dominant control model, at 40 percent of the population, was that of a private company; 27.8 percent of the population were under mutual control, 16.7 percent were listed, and 15.6 percent were government controlled. For clearing institutions, the dominant control models were exchange control at 37.9 percent of the population and user control at 40.2 percent. Government control was low at 13.8 percent, as was control by independent entities at 7.8 percent. For settlement entities, user control was the dominant model at 45.1 percent of the population, with exchange control still common at 28.1 percent, although less important than for clearing entities.

Keywords:   market infrastructure institutions, cash equity markets, financial markets, financial regulation, World Federation of Exchanges, clearing institutions, settlement entities

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