Chapter

An Embedded Exchange: Between Real and Virtual Space

Dariusz Wójcik

in The Global Stock Market

Published in print May 2011 | ISBN: 9780199592180
Published online September 2011 | e-ISBN: 9780191729089 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199592180.003.0006
An Embedded Exchange: Between Real and Virtual Space

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Chapter 6 switches the focus of the book to stock exchanges, providing a detailed empirical account of the geographical nature of their activities. The analysis focuses on the case study of the Warsaw Stock Exchange (WSE) in Poland, representing one of the most dynamic and successful stock markets in the world in the last decade. The empirical sections investigate the relationships of the WSE with exchange members, issuers, and investors, showing that technology complements rather than substitutes the value of physical proximity, as many stock exchange activities rely on close social contacts. It is argued that the success of the WSE lies in its embeddedness in the Polish economy and long-term developmental perspective. The chapter also suggests that while the international consolidation of exchanges is likely to continue, financial centres and exchanges remain crucially important for each other.

Keywords: stock exchange; investors; issuers; exchange members; financial centres; Poland; Warsaw; social contact; embeddedness

Chapter.  8849 words.  Illustrated.

Subjects: Financial Institutions and Services

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