The Vienna Stock Exchange

The world-wide tendency towards liberalization and deregulation of capital markets has led to significant structural and organizational reforms of the European stock exchanges. The most prominent features of these reforms are computerisation and the introduction of more efficient and rapid settlement systems. The Vienna Stock Exchange also followed this trend, in order to remain competitive. While these reforms went into the appropriate direction, a number of issues still needs to be resolved: These concern mainly the general "environment" of the stock market, the number and power of "major players" and the quality and quantity of information supplied to investors.