The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

E-commerce - Redefining exchanges

After the summer craze for investing in all things electronic and e-commerce-related, things have calmed down on the surface in the US. Now the challenge is to make the investments work. The major stock and derivatives exchanges know they have to respond more forcibly to the myriad threats to their franchises. At the same time the start-ups and the investment banks which are equity partners must transform their ideas into reality while trying to avoid the organizational nightmares which have plagued the exchanges. The next few months are more likely to be ones full of frustration for both groups, reports Antony Currie.

NASDAQ let down by its own technology

NYSE members differ over demutualization

Chicago's fallen giants make progress of sorts

When you first visit Richard Kilsby at his office there is a surprise in store. He is the chief executive of Tradepoint, the London-based for-profit electronic exchange saved from extinction in May by a consortium led by agency broker Instinet and also including investment banks, an asset manager and a US electronic commission network (ECN) called Archipelago which itself has since applied to become an exchange in the US.

What provokes the surprise is preconceived ideas of what an exchange should look like: large buildings in the centre of financial districts proudly showing off their history. In the executive dining room of the New York Stock Exchange, for example, hang the portraits of past chairmen, and in the corner stands a magnificent Faberge egg donated to the exchange by Tsar Nicholas II at the start of the century.

That is not Tradepoint's style. Its office is in London's Soho, better known for opera, Chinese restaurants and more recently for being one of London's gay meccas.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree