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Stock option plans for non-executive employees $

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The listing of stock exchanges, perhaps even more than their demutualisation, has transformed their business model. Although demutualisation is claimed to have changed the ownership of stock exchanges, significant ownership stakes were often retained by previous member firms (Steil, 2002). Therefore, the fundamental governance structure of exchanges was not significantly impacted. Self-listing and the subsequent dispersion of ownership of exchanges have finally divorced their interests from those of broker dealers. As a result, exchanges started to face multiple constituencies with diverging motivations, putting a further pressure on them to satisfy multiple demands. ...
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Stock option plans for non-executive employees $

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