全球證券交易所: 現今趨勢與未來策略

Abstract

Across the globe, the exchange industry has seen remarkable growth and structural dynamism. The structure of the industry began to change significantly in 2001 as new alliances and partnerships were formed and a host of new players entered the market. With equity markets back on the rise after several years of depressed performance and derivatives markets having surged the world over, there is increased competition among exchange and thus tremendous opportunity to grow. Despite the continuing trend of globalization within the financial markets, market infrastructure remains relatively fragmented along regional or national lines. While political, technical and structural differences present the biggest barriers that hinder the road to consolidation, the strongest drivers of change include the increased demutualization of exchanges, advancement of technology and intensified of competition between exchanges. However, change will not come evenly across the global landscape; three different groups of exchanges can be distinguished - global, regional and diversified exchanges. Despite their distinctions in business models, in a globalizing financial world, these exchanges are subject to the same challenges and must address similar issues to create new strategies to succeed. Exchanges will need to make existing services more attractive through customization, higher efficiency and competitive pricing. They will need to add new products and services, and improve access to their platforms in order to grow trading revenues. While large players need to prepare themselves to share in the growth potential in China and India, smaller players will need to create value from local knowledge of the market and design attractive new vehicles through which small and medium-sized businesses can access the capital market. In the face of larger scale consolidation and alliance building, exchanges must find ways to effectively master post-merger integration challenges and leverage alliance advantages. Furthermore, the sale of quota and trade data is and will continue to be an important revenue stream for exchanges as they are uniquely positioned to benefit from the exploding supply and demand for market data. Exchanges should begin to offer customized and value-added data products to meet the increasingly sophisticated needs of different types of traders and investors. This thesis attempts to offer an analysis of the fundamental changes the industry is currently undergoing by addressing the major issues facing the global stock exchange industry and those who service it. Further, it proposes a few strategies that will help exchanges remain competitive and successful.