The flurry of M&A activity among the world’s largest exchanges might well offer some revenue benefits but it will do little to help the plight of institutional or retail investors. Agreed tie-ups from the London Stock Exchange and TMX, and Deutsche Börse and NYSE Euronext, among many, are responses to a decrease in revenues from cash equity trading as margins have come under pressure from competition.
But to an extent the exchanges have only themselves to blame.
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