Write a critical appraisal of how these developments have affected both users of exchanges and parties with indirect interests in the exchange’s operations.

Description

The long–established ‘legacy’ stock exchanges of many leading jurisdictions have undergone rapid and profound structural changes since the early–1990s. In many cases

these have been followed by radical shifts in control and ownership, the exchange’s direct or delegated regulatory responsibilities, new commercial objectives, and in heightened

competition for sources of revenue with private ‘dark pools’ and other trading platforms, as well as with overseas exchanges.

Write a critical appraisal of how these developments have affected both users of exchanges and parties with indirect interests in the exchange’s operations, and consider

whether they risk being incompatible with applicable corporate law or governance doctrines, lead to differences in the treatment of users, or produce irregularities in applicable financial regulation?

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