securities exchanges

The role of exchanges has changed, and they may no longer be ‘national treasures.’ But what exactly, then, is an exchange these days? And have other capital markets actors picked up what used to be the hallmark quality standards that brought a degree of confidence to the market?

A listed exchange is a public company and a national treasure, a dual identity to be embraced. Can the Deutsche Boerse - London Stock Exchange deal succeed in the corporate sense and also in the fulfilment of exchanges’ obligations to the public good? History has demonstrated that building cross-border securities exchanges is not only hard, but it has the propensity to fail.