Reestruturação nas Bolsas de Valores: desmutualização e outras mudanças

Abstract

The aim of this study is to analyze the process of change in the industrial organization of the stocks exchanges, since the nineties, when has begun demutualization, as well the development of the process of integration and strategic partnership, actions not common for this type of institution so far. The analysis began with the changes in developed markets, and follows its expansion to the emerging markets; it shows that most of the main world s stock exchanges already had taken these decisions. This process has turned the stock exchanges in for profit companies, with listed securities; it brought new opportunities and new challenges. The work will investigate what were the main reasons to the adoption of the demutualization and the other restructuring decisions, such as integration and strategic alliances, by the stocks exchanges. Noting that some of the conditions to the changes took place already existed, as the growth of the market and technologies solutions, we investigate the impact of demutualization in this process. Finally, we analyze the Brazilian market, where the two main stock exchanges got themselves demutualized and integrated