The innovation and integration — Dimensions of the activity of exchanges

The exchanges are implicated in an intense innovative process. Because the companies identify many factors of risk, the exchanges try to provide adequate products for different type of investors. On the other hand, the regional financial integration is highly intense in the European continent. The set up and development of the European Union, technical progress, the spectacular development of telecommunications have led to the integration and consolidation of securities transaction systems and clearing systems. The introduction of the European single currency has eliminated currency segmentation of national capital markets and the currency risk that has accompanied transactions made by portfolio investors.