The Stock Exchange

1 ABSTRACT Stock Exchange The contents of the notion "stock exchange" change in time. Factors inducing these changes are intertwined and influence each other. The introduction of modern telecommunication technologies in 1980s brought about a process of change in the notion of "stock exchange". This factor mainly influenced the territorial aspect of said notion. Modern communication technologies allowed for integration of capital markets within Europe. This integration required unification of legislation in EU Member States. The crucial piece of Czech legislation implementing European norms in the area of stock exchange markets is the Act No. 256/2004 Coll. on Business on Capital Market. The greatest influence on the notion of "stock exchange" has had the transposition of the EU MiFID directive into that act in 2008. The changes introduced by this directive have led to vacating tne notion of "stock exchange" in legal terms with the term itself being replaced by "operator of the regulated market". Over the past decade the supervision and regulation on both European and national levels have undergone substantial changes. The changes and innovation in the investment instruments market have called for changes in institutional setting of supervision and regulation. These changes in supervision and regulation have..