The Exchange Industry: An Overview

Abstract

The exchange industry has been rapidly evolving over the last decade at least, with the main drivers being the demutualization of securities exchanges (and, sometimes, their listing) and a widespread consolidation process, which has speeded up during the last few years. In the meanwhile, through successive waves of consolidation, both on a regional and transatlantic level, the morphology of the industry has substantially changed: a few large cross-border groups now dominate trading across the world.