Current Issues in Economics and Finance
The Consolidation of European Stock Exchanges
June 2002 Volume 8, Number 6
JEL classification: G24, G28, G15

Authors: James McAndrews and Chris Stefanadis

With the growing appeal of cross-border trading in Europe, efforts are under way to establish consolidated exchanges that offer trading in stocks from many European countries. An analysis of these evolving pan-European exchanges suggests that consolidation could reduce the costs and complications of cross-border trading through such enhancements as a standardization of trading platforms. Yet regulatory, legal, and economic barriers to the creation of these exchanges may delay any benefits of consolidation.

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