Condition on the market of integrated services
In an environment where cost reduction of participants becomes crucial, some exchanges are going to integrate not only the functions of the organization of trade, but also related services and functions. "In this respect, the example of the Amsterdam Stock Exchange, which brings together under a single holding company the Amsterdam Stock Exchange, the European options exchange and depository. The merger formed an infrastructure organization, providing participants Rinca full range of services. As the commercialization of the Exchange, or rather, stock holding, changing and its ideology. The old ideology of the exchange can be in two words define the slogan: "Exchange is a member-owner and protects their interests." It must be recognized that the interests of all members of the co-owners of the Exchange may not be the same and quite often run counter to the interests of the Exchange, so it is not always members of the co-owners of the Exchange to her loyal. As a result of commercialization of the slogan of the Exchange is changing: "Exchange serves its clients and defends their interests."
At the state and behavior of the stock market and stock exchanges, on past the internal factors affecting a lot of external factors, unexpected events. This is fully evident in the U.S., after the terrorist attack occurred on September 11, 2001. "After the planes hit the skyscrapers at the World Trade Center, began falling world stock indices and panic on the stock exchanges. For a whole week had been closed American stock exchanges. Began a full stock crisis. To understand what this means for the world's securities markets, it is sufficient that a significant portion of it is just in the U.S.. It is in America, provides guidance to the rest of the market, and he suddenly disappeared. Quotes From U.S. stock exchanges depended largely on how to behave securities on stock exchanges in Europe and Asia. World stock market frenzy all week, no one could appreciate the depth of the problems. The main consequence of the attack - increase uncertainty, which deters investors from the stock markets"