Over the past 15 years, the exchange industry has been in a state of continued flux. Exchanges have demutualised and in most cases become listed, they have consolidated through mergers and acquisitions, and they have become subject to stiff competition from a host of new alternative trading venues. In other words, stock exchanges have become engaged in an intensified competition and are refashioning themselves to meet the challenge. This, in turn, is creating a new reality in exchanges’ role in the capital markets regulatory framework, including with respect to corporate governance. The objective of.
