This chapter presents a series of case studies illustrating how specific exchanges have actually been governed in particular contexts. The following institutions and contexts are described in turn: the proposed iX merger between Deutsche Börse and the London Stock Exchange (LSE), and its subsequent collapse, in 2000; the “Penny Stocks Incident” at Hong Kong Exchanges and Clearing Ltd. in 2002; the attempted takeover of the LSE by NASDAQ over the period 2006–8; Euronext's purchase of London International Financial Futures and Options Exchange in 2001; the resignation of the chairman/CEO of the New York Stock Exchange in 2003; and the purchase by the “Murakami Fund” of a major block of shares in the Osaka Securities Exchange in 2005. A few brief general lessons from each case study are also identified.
Keywords: exchanges, financial markets, Deutsche Börse, London Stock Exchange, Hong Kong Exchanges and Clearing, NASDAQ, London International Financial Futures and Options Exchange, Murakami Fund, New York Stock Exchange, Osaka Securities Exchange
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