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The Consolidation of European Stock Exchanges

This reading, "The Consolidation of European Stock Exchanges", reviews efforts to create consolidated exchanges in Europe to facilitate trading in stocks from a variety of European countries. It examines the benefits that could accrue to financial market participants from the consolidation of European stock exchanges and also discusses existing impediments hindering market consolidation.

  1. Why do the authors claim that an equity culture is emerging in Europe? What implications does this hold for the evolution of European stock markets?

  2. What is the significance of NOREX, Euronext, and Virt-X?

  3. What are the advantages of stock exchange consolidation?

  4. What are the barriers to stock exchange consolidation?

  5. What is home-country bias? Why does it arise?
Source: "The Consolidation of European Stock Exchanges." James McAndrews and Chris Stefanadis, Federal Reserve Bank of New York Current Issues in Economics and Finance, 8(6), June 2002, pp. 1-6.


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