FEDERATION OF EURO-ASIAN STOCK EXCHANGES > YEARBOOK 2002/2003 > PAGE 12
WORLD FEDERATION OF EXCHANGES
Antonio Zoido President of the WFE and Chairman & CEO of the Madrid Stock Exchange
Property of information in the networked economy:
new trade-offs and new opportunities for exchanges
by Prométhée
October 2002
This study was commissioned in order to
underscore the growing value of financial
information to the exchange community. Prices
for assets are discovered on the regulated, central
markets operated by World Federation member
exchanges. This process takes place in accordance
with the trading rules the exchanges establish for
their market, and local company and securities
law.
The information business is increasingly important
to exchanges. Going forward they will become
more active in this line of business, not only for
the revenues to be earned but also as a means of
promoting market development more broadly. It
is a strategic part of the exchanges future.
The main authors of this paper are Dr. Albert
Bressand and Alexis Gibergues of Prométhée,
with additional contributions from Catherine
Distler and Florian Bressand. Prométhée
expresses its gratitude to Professor Joel
Reidenberg of Fordham University, New York
City, for his kind guidance through the maze of
legal material on intellectual property rights.
Gratitude also goes to the World Federation on
Exchanges (WFE), its Secretary General Thomas
Kranz and to panelists Christoph Lammersdorf,
Member of the Executive Board, Deutsche Börse;
Martin Wheatley, Deputy Chief Operating Officer,
London Stock Exchange; and to moderator
George Möller, Chief Operating Officer of
Euronext for a stimulating discussion around this
paper at the WFE Annual Meeting in Amsterdam,
on October 7, 2002. Stimulating comments were
received also from Wieslaw Rozlucki, President
and CEO at Warsaw Stock Exchange and Roger
Lee, Senior Vice President at HKEx. The views
presented here are those of Prométhée only.
The information business is
increasingly important to
exchanges. Going forward they will
become more active in this line of
business, not only for the revenues
to be earned but also as a means of
promoting market development
more broadly.