竞争力、市场微观结构与证券交易所变革

纽约证券交易所和纳斯达克实施的重大并购行动标志着全球证券交易所新一轮并购浪潮的兴起,证券交易所之间的竞争再度趋于白热化.交易所之间的竞争已演变为市场微观结构的竞争.本文对纽约证券交易所和纳斯达克的交易成本进行了比较,无论是上市成本还是交易成本,新兴的纳斯达克都比传统的纽约证交所更胜一筹.因而本文认为有效降低交易成本应是提高交易所核心竞争力的关键所在,而改进交易机制、拓展产品服务以及调整组织架构,可以作为降低交易成本、提高交易所竞争力的具体竞争策略.

Competitiveness, Micro-market Structure and Evolution of Stock Exchanges

What is now going on with NYSE and Nasdaq in corporate restructuring marks a new turn of acquisition among world exchanges, which intensify their competition. The competition of this kind has evolved into that of micro-market structure. The cost of listing on NYSE and Nasdaq is compared, which manifests the superiority of the latter in both listing and. trading. It is therefore believed that reduction of cost is essential to enhancing core competitiveness of exchanges, which could be achieved through improving trading mechanism, extending product services and corporate restructuring.