The future of financial exchanges

Foreword

Hubert Reynier, Vincent Gros

A history of the market, from « agents de change » to Euronext

Jean-Pierre Pinatton

Recent developments in the US capital markets

Mary L. Schapiro

A new organization for financial markets : what is at stake in the MiFID ?

Michel Prada

The contribution of stock markets in financing economic activity

Stock exchange development and economic growth

Takuo Tsurushima

The contribution of stock exchanges to the economic restructuring of Central and Eastern Europe

Wieslaw Rozlucki

The role of equity markets in financing economic activity

Patrick Artus, Jean-François Théodore

Fixed income : a new trend towards centralisation of trading on exchanges ?

Gianluca Garbi, Philippe Rakotovao

IPO procedures in Europe : the development of practices and perspectives

Emmanuel Boutron, Jean-François Gajewski

Carole Gresse, Florence Labégorre

The importance of stock markets for the future of financial centres

Michel Didier

Organization of exchanges, structures and transparent price discovery systems

Liquidity, cost of capital and the organization of trading in stock markets

Thierry Foucault

The future of stock exchanges : how issuers look at it ?

Alain Joly

Open outcry or electronic : it's the market's choice

James Newsome

Regulating for tomorrow's equity markets

Benn Steil

Economics of the industry, competition and infrastructure governance

Stock exchange demutualization : a precondition for their capacity to innovate ?

Andrew Sheng

Corporate governance of stock exchanges

Bertrand Jacquillat

Governance of market infrastructures - Key issues

Pierre de Lauzun, Ruben Lee

Market infrastructures : harmonisation of market practices and integration of systems

Joël Mérère

Alliances, new markets and new products from central counterparties : risks and challenges

Christophe Hémon

The evolution of central securities depositaries in Europe : stable functions in a changing environment

Gisèle Chanel-Reynaud, Dominique Chabert

Post-trading infrastructures : considering the risks to financial stability

Denis Beau

Equity markets and financial stability : regulatory issues

Vincent Fleuriet, Catherine Lubochinsky

Self-regulation and operational controls : reflections on the oversight of exchange-traded derivatives

Andrea Corcoran