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Article contents
Market access and transparency: the Genoa and Milan stock exchanges from Italian Unification to World War I
Published online by Cambridge University Press: 31 January 2023
Abstract
This article focuses on the conflicts over market access rules on the two primary Italian stock exchanges, Milan and Genoa. These conflicts disrupted the quality of information produced by the two markets. Official brokers aimed to defend their monopoly on brokerage and capture rents by limiting market access. Banks wanted wider access so as to avoid paying these rents, create an opaque market and maximize the benefit from their informational advantage. At the turn of the twentieth century, the Milan Exchange implemented a transparent market organization while the Genoa Exchange remained opaque, creating a complementarity between them which fostered the development of the securities market overall. When in 1907 a violent crisis erupted in the dominant Genoa Exchange, legislation was adopted to harmonize the organization of the Italian exchanges.
JEL classification
- Type
- Article
- Information
- Financial History Review , Volume 29 , Special Issue 3: Special issue on stock exchange price currents, financial information and market transparency , December 2022 , pp. 358 - 375
- Copyright
- Copyright © The Author(s), 2023. Published by Cambridge University Press on behalf of the European Association for Banking and Financial History
Footnotes
I would like to thank Pierre-Cyrille Hautcoeur, Joost Jonker, the Editor, two anonymous referees as well as the participants at the ‘Price Currents, Financial Information and Market Transparency’ workshops for their valuable comments.