全球交易所合并对金砖国家的影响及其应对策略  

The Impact of the Global Exchange Merger on the BRICS and Its Coping Strategies

作　　者：骆嘉[1] 

机构地区：[1]江西师范大学财政金融学院,江西南昌330022

出　　处：《金融教育研究》2017年第2期66-73,共8页Research of Finance and Education

基　　金：国家社科基金项目"有限关注的机构投资者行为与板块股价同步性研究"(15BGL050);江西省社会科学十二五(2015年)规划项目"促进我省民间投资活力的战略问题研究"(15YJ15);江西师范大学科研项目"金砖国家股市关联研究:理论与实证"(12016515)

摘　　要：自20世纪90年代迄今经历了四次全球交易所合并浪潮。在最近一次合并浪潮中,交易所为了回应竞争对手的强势挤压,不得不区域重组、跨国合并齐步走;为了扩大场内市场的有效控制,总是将证券、期货交易所交叉合并;为了角力全球大宗商品定价权,积极推动全球资本市场的一体化。相应的,金砖国家则面临整合优势金融资源的困境、金融风险传染失控的可能和大宗商品定价加剧的纷争诸多问题。对此,金砖国家应从深化金砖国家交易所联盟合作、整合发展中国家的交易所市场、发展场外市场和电子交易平台等方面加以应对。It has experienced four global exchange merger waves since the 1990 s.In the very recent wave of consolidation,in order to respond the strong squeeze of their competitors,the exchanges had to conduct regional restructuring as well as cross-border merger; in order to expand the effective control of floor market,they always cross merger the securities and futures exchange; and they promoted the integration of global capital market to wrestle global commodity pricing power.Accordingly,the BRICS faces the dilemma:integration of financial resources,the possibility of wilding financial risk infection and the intensified commodity pricing power disputes.In this regard,BRICS should deepen the BRICSMART cooperation,integrate developing countries exchange market,develop OTC markets and electronic trading platform,etc.

关 键 词：金砖国家 交易所合并 定价权 

分 类 号：F830.9[经济管理—金融学]