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Stock exchange mergers, alliances and new financial markets
Znojová, Anna ; Žilák, Pavel (advisor) ; Vorek, Marian (referee)
In my final thesis, I focus on the various forms of Stock Exchange's cooperation and try to outline the impact of deregulation and globalization to Stock Exchange Markets organization. I mentioned the theoretical background, which were used as a basis for analyzing the topic of consolidation of stock exchanges. In the introduction I explain some basic terms, such as mergers, union or federation, and clarify the difference between cooperation and consolidation. Then I focused on the first transatlantic alliance and one of the most important entities in the Stock Exchange markets - NYSE Euronext. I evaluated the alliance of the three selected indicators, the market capitalization, trading volume and market velocity. The analyze carried out in my thesis shows that the regulatory authorities allowed in the past the establishment of Stock Exchanges alliances, which are currently the largest and most important players on the Stock Exchanges markets, and it is really difficult for regional markets to compete them. This problem is, in particular, outlined in the case of Deutsche Börse, which sought to be connected with the transatlantic alliance NYSE Euronext., but this merger was rejected by the European Commission, just for fear of disruption of market competition. As the evidence that the Stock Exchange markets are constantly busy and that all exchanges are trying to reach the best position and thus are seeking for the best possible partner for future cooperation, I introduced two recently published plans for connections, which was merger between Deutsche Börse and the Russian stock exchange MICEX and merger of Intercontinental Exchange and NYSE Euronext. At last but not least I focused on the analysis of the Asian continent from the perspective of realized and unrealized mergers where Stock Exchange markets are not oversaturated and still have a huge potential for further development.
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The Process of Consolidation and Cooperation between Stock Markets in the early 21st Century on Example of CEESEG
Blecha, Radek ; Veselá, Jitka (advisor) ; Žilák, Pavel (referee)
Since the end of the 20th century capital markets have undergone a fundamental change. Under the influence of globalization they have become more interconnected and more functional than before on the base of information technology. Although the financial crisis of 2008 slowed down this development and liberalization, currently markets are rising again and one of the most striking trends is their integration into multinational units. An example of Stock Exchange Cooperation in the early 21st century is the CEESEG group associating Central and Eastern European Stock Exchanges, namely, the Wiener Börse, the Prague Stock Exchange, the Ljubljana Stock Exchange and the Budapest Stock Exchange. The theme of this thesis is to analyze the example of this geographically close and, thanks to the PSE, directly related, interesting trend of Stock Exchange cooperation, the manner of its function and impact on every member Stock Exchange.
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Comparative analysis of central europe stock exhanges and their trading systems
Chvátal, Ladislav ; Žilák, Pavel (advisor) ; Vorek, Marián (referee)
This thesis deals with the comparative analysis of stock markets in Prague, Warsaw and Budapest. The main goal of the thesis is to evaluate the trading systems and development of stock indices, market capitalisation, trading volume and numer of new IPO. One part is also devoted to birth of stock aliances in Central Europe. The results showed dominant role of Warsaw Stock Exchange in this region. Warsaw stock exchange operates with most developed trading system. In terms of market indicators Warsaw stock exchange has the biggest market capitalization and trading volume. On the other hand Prague and Budapest Stock Exchange could benefit in the future from membership in CEESEG holding company.
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