A precursor to most of the recent structural changes in the stock exchange industry has been the process of demutualisation (or, in some cases, privatisation), which took its beginning with the Stockholm Stock Exchange in 1993. Virtually all stock exchanges in OECD countries have followed suit. In the sample covered by this article, all exchanges have demutualised and only three of them (TSE, WSX, SWX) have not yet listed. 23 Exchanges outside the OECD area, including regions such as South America and the Middle East, have only recently begun to demonstrate an interest in demutualisation. It is expected that the gradual.
