A organização industrial das bolsas de valores: uma resenha da literatura e o caso brasileiro
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2015-05-25
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Gonçalves, Edson Daniel Lopes
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The Brazilian capital market is not representative of the size of its economy. In recent years, the growth observed on its industry, services, agro, and other sgments was not accompanied by the financial market. The vertical structure and the monopoly position of BM&F Bovespa, the only stock exchange in activity in the Brazilian Market, goes against the current scenario in international markets. The advent of electronification and the actions of regulators provided international markets to operate in environments with multiple exchanges, encouraging competition and bringing benefits to the end investor, such as the reduction of explicit and implicit costs, improved services, product diversity, etc. Recent papers show the benefit of the order flow fragmentation, and can be used as references in encouraging the rupture of the monopoly that exists today in Brazil.