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COMPETITIVENESS OF STOCK EXCHANGES IN CENTRAL AND EASTERN EUROPE FROM THE POINT OF VIEW OF THEIR DEVELOPMENT FORMS
Abstract
The end of the twentieth century was a period of radical changes in the rules of activity of stock exchanges. Stock exchanges in Central and Eastern Europe have been integrated into the general trend of transformation, but due to conditions of operating – as stock markets of post-communist countries – adaptation processes to the new rules proceeded differently in relation to the stock exchanges in developed countries. Each of stock exchanges in Central and Eastern Europe have chosen different forms of development: organic growth (WSE), consolidation within the exchanges of the region (CEE Stock Exchange Group as a holding exchanges of Vienna, Budapest, Ljubljana and Prague) and the consolidation with transnational exchange (Riga Stock Exchange, Tallinn Stock Exchange and Vilnius Stock Exchange as the stock market operating within NASDAQ OMX Nordic). The purpose of this article is to examine these development forms of stock exchanges in Central and Eastern Europe in terms of their competitiveness. To evaluate exchanges competitiveness there will be used general exchanges competitiveness indicators such as among others: number of issuers, capitalization, turnover value, number of trades and turnover liquidity.
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