A growing field of research is engaged in the study of demutualization and merging strategies and their underlying factors. According to the literature, these factors are: the technological development, the introduction of new trading platforms and deregulatory incentives (Lee, 2000, 2002; Arlman 1999, 2002; Steil 1996) and network externalities, economies of scale and cost reduction (Malkamaki 1999; Hasan and Malkamaki 2000; Steil 2002; Domowitz and Steil 2002; Hasan and Schmidel 2004; Ramos and Von Thadden 2008). It is well recognized in the literature that these factors encourage stock exchanges to modify their strategies. Indeed, in a competitive financial environment, stock exchanges must maximize their profits to survive (Di Noia, 2001). Therefore, they opt to modernize their trading platforms to be more competitive and eventually demutualize or merge their activities (Mendiola and O’Hara, 2003).

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These strategies allow them to reduce costs, increase their market share, diversify their products and respond better to new challenges. However, an important factor behind all these changes is often ignored or treated as obvious in the literature. Sony Music Tamil Songs Free Download. This is related to the profound change affecting the internal structure of stock exchanges and their transition to a new market model —the firm model. Until recently, exchanges have been considered part of the national identity and, therefore, “untouchable” monopolies with a mutualized structure (Steil, 1996). This situation was untenable given the increasing international competition arising from new technology and regulatory reforms.