Internacjonalizacja i globalizacja giełd papierów wartościowych
Internationalization and globalization of stock exchanges

Summary/Abstract: The acceleration of globalization which happened in the last two decades of the last century and the first years of the current century concerned among others the financial markets and their important element, including stock exchanges. Financial markets are considered as the most globalized markets and it can be explained by competition and speculation reasons, their particular importance for the development of real processes in economy and more ease in the international flow (virtual flow) of funds than products, services, and people. The basic reason of globalization of stock exchanges are liberalization and deregulation of financial markets and the introduction of modern information and communication technologies. The last factor caused the replacement of traditional trade by electronic trade, the creation of joint electronic platforms of trade, the use of the same systems of electronic trade by several stock exchanges and the development of so called algorithmic trading. The globalization of the stock exchanges is connected with the securitization and decrease in financing by credit and the increase in financing by shares and bonds. Other factors of globalization of stock exchanges is the introduction of numerous innovations of financial instruments − derivatives (futures, options, swaps) and the appearance of institutional investors that means investment, pension, insurance, mutual and hedge funds and political changes in the countries of Central and Eastern Europe, Russia and China. The globalization of stock exchanges means that they become larger, their geographic scope is wider, and their capitalization and turnover are bigger. As a result of the above mentioned factors there are special mergers and acquisitions among stock exchanges throughout the world, the appearance of two huge corporations of stock exchanges, ie NYSE Euronext and NASDAQ OMX with headquarters in New York, which has strengthened the USA position as a leader of the world stock exchanges. One can presume that with the progress of globalization also stock exchanges will follow in the same direction.

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