Suvremeni aspekti tržišta kapitala
Modern aspects of capital markets

Summary/Abstract: This paper summarizes modern aspects of the capital market environment. The aim is to provide an extensive overview of theoretical and empirical studies which analyse changes in the ownership and demutualisation of stock exchanges, ongoing technological innovations, initiatives for changing and eliminating regulation, and increase in competition. For this purpose, the author employs deductive-logical methodology, compilation, synthesis and classification. An analysis of the relevant research showed that transformation of ownership was one of the key drivers of the capital market environment, changing stock markets from monopolies to competitive companies. Technological innovations changed trading platforms and overcame geographical distances, eased communication and cut transaction costs, which encouraged the development of competition overall. Competitive forces have also been spurred by changes in regulation, in particular by deregulation, self-regulation and, in the case of EU capital markets, harmonisation of regulation. The results of the research showed that these modern aspects of capital markets have led to significant changes in the industry, and directed capital markets towards overseas mergers and cooperation.

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