What obstacles/economic barriers do stock exchanges face in developing countries? My friend is doing research on cyber security in stock exchanges, and she noticed that the stock exchanges in developing countries aren't as popular or well put together as stock exchanges in developed countries. Not necessarily in terms of cyber security, but just in general.

Why is that? Could the stock exchange's management be to blame for the lesser quality? Or what supply/demand forces are at work that might put exogenous barriers on the management?
Stock Exchanges are made of the investments, and serve as meeting point for company's ownership to be traded fast and legally. It's need and value increases with the the number of investors and companies in the market.

Several developing countries lack legislation and law enforcement that would incentivize the use of a stock exchange. On the other hand, in developing countries the ownership of the largest companies is typically in the hands of a few powerful elites or foreign investors, and neither benefit from using a stock exchange, as they are usually not looking to exchange their investments.