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As part of the demutualization process, stock exchanges are transformed into the traditional membership structure (mutual) for entrepreneurial structure. The aim of the article is to analyze changes in the functioning of the stock exchanges due to the organizational and legal form and the consequences of these changes. As a research hypothesis, it is assumed that the process of demutualization determined the changes in the rules of functioning of the stock exchanges and created threats from point of view of socio-economic functions. In order to verify the hypothesis, we use: analysis of causes, logical analysis and analysis of statistical data about the 57 stock exchanges- members of WFE. The conducted analysis allows to verify the hypothesis that demutualization process determined the changes in the rules of functioning of stock exchanges, as well as created a threat from the point of view of socio-economic functions. The contribution (value added) of this article is the conducted analysis verifying the essence of stock exchanges from the perspective of the processes of demutualization.

Contemporary nature of stock exchange in view of the process of demutualization