Competition among exchanges is growing fast on trading services. Differently, competition for listing securities has so far been minimal, if not absent, especially in Europe. The purpose of this paper is to investigate the listing services and compare the listing fees pricing policies adopted by the most important and well renowned exchanges around the world. We try first to clarify the content of listing services. We then quantify fees applied by different exchanges to companies according to their size. We consider both initial and annual fees. Our results show that US exchanges are more expensive for medium sized firms while EU markets apply higher fees to largest companies. Many exchanges, particularly in the EU, are still taking advantage of their monopolistic position by applying premium price policies to largest companies in order to cross subsidize smaller companies.
Listing and being listed costs: an international comparison
GERANIO, MANUELA;LAZZARI, VALTER
2011
Abstract
Competition among exchanges is growing fast on trading services. Differently, competition for listing securities has so far been minimal, if not absent, especially in Europe. The purpose of this paper is to investigate the listing services and compare the listing fees pricing policies adopted by the most important and well renowned exchanges around the world. We try first to clarify the content of listing services. We then quantify fees applied by different exchanges to companies according to their size. We consider both initial and annual fees. Our results show that US exchanges are more expensive for medium sized firms while EU markets apply higher fees to largest companies. Many exchanges, particularly in the EU, are still taking advantage of their monopolistic position by applying premium price policies to largest companies in order to cross subsidize smaller companies.
I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
