The long–established ‘legacy’ stock exchanges of many leading jurisdictions have undergone rapid and profound structural changes since the early–1990s. In many cases these have been followed by radical shifts in control and ownership,the exchange’s direct or delegated regulatory responsibilities,new commercial objectives,and in heightened competition for sources of revenue with private ‘dark pools’ and other trading platforms,as well as with overseas exchanges.
Write a critical appraisal of how these developments have affected both users of exchange sand parties with indirect interests in the exchange’s operations, and consider whether they risk being incompatible with applicable corporate law or governance doctrines ,lead to differences in the treatment of users, or produce irregularities in applicable financial regulation?
Your analysis need not be confined to any single jurisdiction, but you must provide examples only where legacy exchanges have undergone significant recent commercial, organisational, constitutional and regulatory changes
