There is a bourgeoning strand of academic literature dealing with the matter of corporate governance in the exchange industry. Large part of that literature investigates the reasons why exchanges modify their legal status. In particular, it tries to find a viable economic explanation to the demutualization of exchanges and the subsequent listing of major exchanges. The corporatization of exchanges would mirror the attempt to balance the vested interests of brokerage firms and outside shareholders, locals and international intermediaries, listed firms and platform users.
