(Demutualization) (
() 13 11 17 ( ) 5 1 ( 23 25 ) 2 3 4 5 6 1
4 ( 106 32) 7 5 8 9 ( ) ( ) ( ) ( ) ( ) 10 (Demutualization) 2
Demutualization) (London Stock Exchange, LSE )1986 2001 (New York Stock Exchange, NYSE )1971 1999 (Securities and Exchange Commission, SEC )NYSE 2005 12 13 ( ) 14 () 1986 LSE LSE 2001 1999 LSE (Financial Services Authority, FSA) LSE ( ) 1971 NYSE 1999 SEC 3
NYSE 2005 NASDAQ 1996 ( ) 1991 (Frankfurter Wertpapierb rse, FWB) AG AG 12 13 14 16 14 17 SEC 15 10 12 OB 10 4
IT 15 ( ) () ( ) 16 ( ) ( ) 17 ( ToSTNeT ) 18 ( TOB ) TOB 19 ToSTNeT 20 MSCB 21 22 ( MSCB ) 23 5
MSCB MSCB 3 24 MSCB MSCB (NYSE) 25 26 NYSE SEC SEC 2004 11 27 SEC NYSE 6
( ) 28 2 29 15 17 30 31 12 12 2 1 32 15 12 1 33 ( ) 3 34 7
17 5 151 3 ( ) 35 6 36 37 38 39 40 ( ) 41 42 43 8
44 M&A 45 46 9
2 47 48 10