Add to ORKGThe Paris Bourse, 1893 – 1898 Pierre-Cyrille Hautcoeur, EHESS-PSE Amir Rezaee, ISG-LEO Université d’Orléans Angelo Riva, EBS-PSE[1] Abstract We study the causes and the consequences of changes in regulation affecting the degree of competition among stock exchanges. The debate on the virtues of fragmentation vs. consolidation of securities markets has recently been reopened by the Mifid directive of the European Union and NMS regulations in USA. Empirical assessments of these two options are r..