Part I Financial Markets, 2 Exchange Review, Regulation, and Evolution

This chapter provides an overview of the current structure and operation of the main exchanges in operation in London as the financial centre of the UK. It details the most important changes and associated legal issues and challenges that arise with regard to market regulation, structure, and operation. It also covers exchange recognition, function, structure and ownership, governance, and conduct. This chapter discusses market and exchange evolution in terms of digital competition, financial innovation, capital role, and private investment, financial security, financial stability and financial integration, and global contribution. It highlights the responses to the recent significant market changes and policy issues.