Amsterdam Stock Exchange Research Papers

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The findings indicate that demutualized exchanges tend to perform better than mutual exchanges in terms of value of trades, market capitalization, and listings.

Surprisingly, the study reveals that while combining demutualization and automation has a positive effect on market capitalization, automation is associated with reduced trading volumes and listings, ostensibly due to information efficiency effects of automation.

Hart and Moore [10] argued that outside ownership and member co-operatives are both inefficient forms of governance structures as outside ownership is mostly interested in short time gains while collective decision making in cooperatives make stock exchanges inefficient.

Lee [5] states that demutualization is neither necessary nor sufficient for the prosperity of stock exchanges. [11] saw demutualization as a necessary condition to change current shareholders and management.

Although the ZSE Act was passed in 1974, to give legal form to the exchange and to govern the rights and obligations of members of the exchange, the exchange continues to operate as a mutual entity governed by its members (brokers).

The Securities Commission of Zimbabwe (SECZ), which was established in 2008, to oversee the regulation of capital markets, has been calling for various reforms to the ZSE, which include demutualization.

This debate has stalled much progress on demutualization and it is apparent that econometricmodeling has an important place in this debate.

What the parties to this debate need is hard statistical evidence that confirms the relationship between ownership status and performance. Firstly, it generates hard statistical evidence on the relationship between ownership status and stock exchange performance.

However, the pace of demutualization has been very slow in emerging markets as compared to developed economies.

By 2005, about 21 exchanges in developed markets had demutualized representing almost 40% of the World Federation of Exchanges as compared to only 5 exchanges in emerging markets [3].


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