stock exchange

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Economists unanimous—index funds are ‘Investing 101

Amateurs don’t have expertise or time enough to make market-smart decisions.


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On May 30, the Mercado Integrado Latinoamericano (MILA) an integrated stock exchange of three Latin American countries (Chile, Colombia and Peru), will be launched. It is a development that the TMX Group, which announced a merger in February with the London Stock Exchange (LSE), and its regulators should heed, in that it shows how to create real value for companies and investors when merging exchanges.

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The proposed TMX-London Stock Exchange merger and the more recently announced acquisition of NYSE Euronext by Deutche Boerse AG follow a trend of cross-border mergers of exchanges as capital markets become more integrated globally. The benefits of this trend are clear: Companies have access to more investors, investors have easier access to foreign stocks, and larger exchanges may be able to achieve economies of scale, with the cost savings passed on to both companies and investors.