Exclusive extracts from this 67-page-long report:
- Who are the key players?
Securities exchanges are key actors of the financial services industry and play a key role in providing market participants with liquidity, market transparency and risk-reduction. The world's leading securities exchanges are characterised by high degrees of vertical integration and diversified activities in the financial services market. Major players are, at one and the same time, regulated markets for securities trading, clearing houses, payment intermediaries, and central securities depositories. [...]
Groups analysed in this report include: ICE Inc., NASDAQ, CME, Deutsche Börse, LSE Group, HKEx, Japan Exchange Group, B3 – Brasil, Bolsa, Balcão, Euronext and TMX Group.
- What are the players' strategies?
Exchange groups' strategic priorities remain focused on raising their scale, enhancing their technological capabilities and creating new products and services with the aim to attract more listings and boost trading volumes. Recent trends also highlight a particular interest for the development of new exchange infrastructure solutions based on blockchain technology. Nasdaq for instance already incorporated blockchain in its Nasdaq Financial Framework platform of tools and applications for traders, while Deutsche Börse has defined blockchain as one of four pillars of its future growth strategy. […]
- What are the players' key growth and profitability drivers?
Vertical integration, external growth, and a growing use of new technologies have been the main drivers of exchange groups' revenue growth and profitability. A series of acquisitions for instance enabled LSE Group to enhance its geographical footprint, strengthen its position in core activities (capital markets, post-trading services and technology) and add significant capabilities in market data services. Although the group's planned merger with Deutsche Börse was recently blocked by EU authorities amid antitrust concerns, the group will continue relying on targeted acquisitions to expand its scale and activities. [...]