The evolution of the stock market ecosystem: international integration, financial innovation, and regulatory challenges

Authors

  • Ramón Adarraga Economista y ex Directivo de Bolsas e instituciones bursátiles Instituto Iberoamericano de Mercados de Valores
  • Joan Hortalà Arau Catedrático emérito de Teoría Económica de la Universidad de Barcelona
  • Damià Rey Miró Director del GVC Institute y profesor de Teoría Económica de la Universidad de Barcelona

DOI:

https://doi.org/10.32826/reyf.v3i7.386

Keywords:

Stock markets, Financial technology, Globalization, Cryptocurrencies, Financial regulation, Ibero-America, Stock market integra-tion, MTFs, ECNs, Dark Pools

Abstract

Over the past 25 years, financial markets have undergone a structural transformation driven by technological advancements, financial innovations, and regulatory changes. This study explores the evolution of markets from physical trading floors to electronic trading platforms, the rise of alternative trading venues, the impact of cryptocurrencies, and global financial regulation. Additionally, it examines the case of Ibero-America, where stock market integration has enhanced liquidity and competitiveness. The study also discusses regulatory challenges and future perspectives in an increasingly digitalized and globalized financial landscape.

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Published

2025-07-19

Issue

Vol. 3 No. 7 (2025): Revista de Economía y Finanzas (January - April 2025)

Section

Articles

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