3Domowitz, Ian, Benn Steil. 2001, "Innovation in Equity Trading Systems: the Impact on Trading Costs and the Cost of Equity Capital", in Steil, Benn, David G.Victor, and Richard R. Nelson [eds.], Technologi.
4Karmel, R. ,2000, "Demutualization - Implicatons For the Regulation and Governance of Securities Exchange", 25th IOSCO Annual Conference.
5Oliver Hart, John Moore, The Governance of Exchanges:Members'Cooperatives versus Outside Ownership, Oxford Review of Economic Policy, Vol. 12, No.4, 1996.