The case deals with the tremendous developments of the stock exchange industry during 2Ks. A wave of M&A involved all major regulated stock exchanges, aiming to increase liquidity pools and obtain scale economies. Electronic Communication Networks (ECNs) eroded substantially the market in the US and would have probably had soon similar effects in Europe, thanks also to the evolution of the EU discipline. In particular, the case focuses on the situation of Borsa Italiana, i.e. the Italian Stock Exchange. After privatisation and demutualisation occurred in the late 90’s the Italian trading venue had to start a new deal in order to become a for profit company, able to afford competitors and to provide to Italy an international marketplace. The case reports details of the past history of the Italian Stock exchange as well as regulatory elements which should allow the reader to better understand the background of the story. The case was prepared for discussion in graduate programmes and MBAs.
BORSA ITALIANA Spa: which strategy to compete?
GERANIO, MANUELA;FRANZOSI, ALESSANDRA MARIA
2011
Abstract
The case deals with the tremendous developments of the stock exchange industry during 2Ks. A wave of M&A involved all major regulated stock exchanges, aiming to increase liquidity pools and obtain scale economies. Electronic Communication Networks (ECNs) eroded substantially the market in the US and would have probably had soon similar effects in Europe, thanks also to the evolution of the EU discipline. In particular, the case focuses on the situation of Borsa Italiana, i.e. the Italian Stock Exchange. After privatisation and demutualisation occurred in the late 90’s the Italian trading venue had to start a new deal in order to become a for profit company, able to afford competitors and to provide to Italy an international marketplace. The case reports details of the past history of the Italian Stock exchange as well as regulatory elements which should allow the reader to better understand the background of the story. The case was prepared for discussion in graduate programmes and MBAs.
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