The exchange industry had undergone in last years a process of rapid change starting with the listing of major exchanges. Technological developments and regulatory reforms contributed to the falling of national trade barriers and gave rise to growing competition which forced incumbents to react...

It is generally acknowledged that the exchange industry shares the typical features of network industries, forcing exchanges to merge across countries. This process was first urged by the need to keep up with technological developments and increased competition from peers and new competitors....

Both changing investors’ behaviour and contingent events, such as financial crisis, stimulated a debate around the distribution of financial products for which an active market doesn't exist. Investing in illiquid financial instruments requires a certain degree of financial education in order...