Hastings Law Journal Volume 53 | Issue 2 Article 2 1-2002 Turning Seats into Shares: Causes and Implications of Demutualization of Stock and Futures Exchanges Roberta S. Karmel Follow this and additional works at: https://repository.uchastings.edu/hastings_law_journal Part of the Law Commons Recommended Citation Roberta S. Karmel, Turning Seats into Shares: Causes and Implications of Demutualization of Stock and Futures Exchanges, 53 Hastings L.J. 367 (2002). Available at: https://repository.uchastings.edu/hastings_law_journal/vol53/iss2/2 This Article is brought to you for free and open access by the Law Journals at UC Hastings Scholarship Repository. It has been accepted for inclusion in Hastings Law Journal by an authorized editor of UC Hastings Scholarship Repository. For more information, please contact
[email protected]. Turning Seats Into Shares: Causes and Implications of Demutualization of Stock and Futures Exchanges by ROBERTA S. KARMEL* Introduction .................................................................................. 368 I. The Development of ECNs, ATSs, and Their Regulation .................... 370 A. Drivers for Electronic Exchanges and Demutualization ................ 370 B . D ecim alization ..................................................................................... 373 C. Regulation A TS ................................................................................... 375 D. SuperMontage and NYSE Direct ...................................................... 381 U. Antitrust Issues ..........................................................................................