Finally, the stock exchanges have evolved from physical trading sites into financial technology companies. Personal interaction on commercial soils has been gradually replaced by electronic markets. The stock exchange manager said in an interview: “Of course we are known as the U.S. stock exchange, but that`s only 10% of our turnover.” Digitalization had profoundly changed the game, with market technology, data and indices increasingly generating profits on the stock markets. Exchanges were once non-profit organizations, controlled by their members, which faced a lack of freedom of choice. They generally monopolized trade on their territory and were physical trading sites, such as the Chicago Mercantile Exchange, which was shown below. That has changed in a number of ways. Reforms to financial liberalisation, such as the European Investment Services Directive (1993), have created competition between stock exchanges. They were no longer monopolies, but markets, but forced to modernize and become more efficient and customer-oriented.
Given the risk of the LSE`s dominant position, the EU could still implement the LSE reference agreement. But what this episode shows is that trade has become, as a cornerstone of global finance, an important equivalent of states. What they have and the decisions they make have become issues of international political importance – and have added an extra layer of complexity to governments trying to set the rules for global finance. Rivals are also expected to warn competition authorities that the stock market group could have an advantage over them after Brexit, as it may not have to comply with the same market rules, he said. The LSE hopes that its sale of the Italian stock exchange, in addition to its regular communication with the European Commission, will help to allay the concerns of the European Union. It said it continued to “cooperate constructively” with the European Commission to obtain approval and that the proposed sale of the Italian stock exchange Borsa Italiana to its European rival Euronext for about $3.9 billion would “go a long way in addressing the Commission`s concerns.” Why is the EU involved in the LSE`s acquisition of an US financial data company? And why would the LSE sell the Italian stock exchange to allay these concerns? The answer is that stock markets have changed dramatically over the last 25 years, as I recently showed in a paper. This has largely gone unnoticed and the public`s perception clings to an outdated understanding of what the exchange is. How stock exchanges are most discouraged and turned into listed companies. As one exchange agent put it, they were now independent actors, “fully responsible for their own destiny.” At the same time, they have also become for-profit businesses. It hoped to complete the $20 billion merger this year, once it was given the green light by European competition authorities. READ EU Launches the investigation of the London Stock Exchange-Refinitiv Fusion LSEG has obtained 15 merger control authorizations, including the relevant authorities in the United States, Australia, Canada and the United Arab Emirates.
In addition, the group obtained a foreign investment permit from the Italian government. In an October 23 update, the stock exchange company said the proposed acquisition of Refinitiv was “on track.” Forward-looking statements contain statements that typically contain words such as “will,” “may,” “should,” “believe,” “intends,” “expects,” “anticipates,” “targets,” “estimates” and words of similar meaning. The LSEG cannot guarantee that such expectations will prove to be accurate. Forward-looking statements are, by their nature, subject to risks and uncertainties, as they relate to events and depend on circumstances that may arise in the future. There are a number of factors that could lead to actual results and developments differing materially from those expressed