OVER THE past 10 years, the total value of stocks listed in all of the world's stock markets rose from $4.7 trillion to $15.2 trillion, while the share of total world capitalization represented by the emerging markets jumped from less than 4 percent to almost 13 percent (World Bank, 2009). The...

Demutualization refers to the change in legal status of the exchange from a mutual association into a company limited by shares. Demutualization as a concept is neither a very new concept nor sophisticated. This paper analyses the demutualization of stock exchange as a mechanism to enhance the...