Redefining the Rules of the Economic Game
New Horizons in Institutional and Evolutionary Economics series
Edited by Marie-Laure Djelic and Sigrid Quack
Chapter 10: Innovations in Governance: Global Structuring and the Field of Public Exchange-Traded Markets
1 Marc J. Ventresca, Dara Szyliowicz and M. Tina Dacin INTRODUCTION In January 2002, ArchEX came online as a fully-authorized equities exchange, the outcome of several years of negotiations between regulators, the Pacific Exchange in the US, and Archipelago. This electronic communications network (ECN) was among the first to petition for SEC recognition. In that same month, a dozen other strategic innovations in governance and organizational forms occurred among stock exchanges around the world. Euronext, a four-way alliance among the Brussels, Paris, Amsterdam and Lisbon Stock Exchanges, launched NextEconomy, a technology market segment. The New Zealand Stock Exchange confirmed plans to demutualize, that is, to become a publicly-traded firm and list its own shares. The Taiwan Stock Exchange’s TIGER market was joined by the Emerging Stock Market in Taipei, virt-X, a new business model venture between the Swiss Stock Exchange, Tradepoint (itself a London-based electronics communications network, authorized as an official exchange by the British FSI), and a consortium of global investment banks announced new alliance relations. The Stockholmsbörsen became a fully operational entity under the OM Gruppen organization, a securities and technology firm. These governance innovations, novel for the field of exchange-traded markets, provide an empirical context through which we investigate the mechanisms of global field structuration. In the background is the enormous rise of world structuration and discourse in the scientific domain. Structuration refers to the creation and elaboration, within and among social actors, of organizational structures with increased capabilities, rights, duties and obligations. Actors become more...
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