РОЗВИТОК ГЛОБАЛЬНИХ БІРЖОВИХ МЕРЕЖ
Анотація
Зінченко Ф. А. Розвиток глобальних біржових мереж.
Досліджено вплив мережевого ефекту або ефекту ліквідності на стратегію поведінки фондових бірж на сучасному етапі розвитку світового ринку капіталу. Виявлено два основні напрямки розвитку біржової мережевізації: через інтеграцію та використання сучасних комунікаційних засобів окремими торгівельними платформами. Визначено специфіку різних форм міжнародної інтеграції бірж: від формального співробітництва до корпоративного злиття. Проаналізовано специфіку роботи провідних регіональних біржових об’єднань на прикладі MILA, SEE Link та Stock Connect. Визначена провідна роль інформаційно-комунікаційних провайдерів у побудові сучасних глобальних біржових мереж.
Зинченко Ф. А. Развитие глобальных биржевых сетей.
Исследовано влияние сетевого эффекта или эффекта ликвидности на стратегию поведения фондовых бирж на современном этапе развития мирового рынка капитала. Выявлено два основных направления развития биржевой сетевизации: через интеграцию и использование современных коммуникационных средств отдельными торговыми платформами. Определена специфика разных форм международной интеграции бирж: от формального сотрудничества до корпоративного слияния. Проанализирована специфика работы региональных биржевых объединений на примере MILA, SEE Link и Stock Connect. Определена ведущая роль информационно-коммуникационных провайдеров в построении современных глобальных биржевых сетей.
Zinchenko F. The development of global exchange networks.
Introduction. For every exchange it is critical to maintain and spread its trading network. The desire to achieve so called liquidity effect is especially important in highly competitive environment in which modern trading platform are operating. The way exchanges expands their networks evolves and differs from country to country.
The purposeof the article is to analyze and define the characteristics of exchange networks establishment at the present stage of global capital market development, to specify different forms of integration among regulated markets, especially from developing countries.
Results. The article investigates the influence of network or liquidity effects on the strategy of organized stock markets behavior. Two main directions of exchange networks development are revealed: through integration and by use of modern communication tools. Characteristics of different forms of exchanges international integration are defined: from formal cooperation to corporate merger. The specific functions of the most known regional organized stock markets integration are analyzed, by the example of MILA, SEE Link and Stock Connect. The leading role of information and communication providers in the construction of modern global stock exchanges networks has been identified.
Conclusions. Advantages that provide a network effect for organized stock markets leads to a different forms of stock exchanges cooperation - from formal agreements to full consolidation and mergers. At the same time, these processes are typical for exchanges from markets with different levels of development. With the rapid development of IT and algorithmic trading, the creation of stock exchange networks has significantly intensified globally. Striving to satisfy the demand of modern computerized traders, exchanges are in close cooperation with communication providers that own and operate world-wide optic-fiber networks.
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Література :
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Domowitz, I. & Steil, B. (1999). Automation, trading costs and the structure of the securities trading industry. Brookings-Wharton Papers on Financial Services.
Hasan, I. & Schmiedel, H. (2003). Do networks in the stock exchange industry pay off? European evidence. Bank of Finland Discussion Paper.
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