The Competitive Evolution of Stock Exchanges - the case of NASDAQ OMX Stockholm

Sammanfattning: The stock exchange industry has experienced a remarkable development over the last two decades. Stock exchanges that traditionally have been organized as non-profit mutual organizations or public institutions have demutualized and taken on a clear for-profit structure. Globalization as a result of changes in regulations and the advancement of technology has further fuelled the development of a competitive stock exchange industry. The aim of this thesis is to illustrate the case of the NASDAQ OMX Stockholm in the light of this competitive landscape. Following a theoretical overview, the reader is guided through the major events of the competitive evolution of the exchange. In order to put the development of NASDAQ OMX Stockholm in a further context, a comparison is made with its closes Nordic peers. The authors illustrate how regulations and the technological advancement have played a key role in the formation of NASDAQ OMX Stockholm.