Abstract

In May 2007, an extraordinary meeting took place in London's The Exchange Forum. Chief executives from many of the world's most important financial exchanges came together with senior executives from a wide array of global banking, trading, and investing firms, index providers, regulators, system suppliers, and key academics to discuss the rapidly changing business and technological environment in which exchanges function. The forum was an exclusive event, open only to the most senior-level individuals in the global exchanges community: those who run exchanges, who are clients of exchanges, who invest in exchanges, and who supply goods and services to exchanges.
In presentations and panel discussions over two days, these experts explored the effect of shrinking margins as more instruments became exchange traded rather than OTC and the conflicts that creates. They shared what exchanges are doing today to respond to the challenges wrought by competition, globalization, and rapid technology advances. And they looked into the future and discussed the multi-asset, multi-currency, and multi-region trading that holds out the promise of future success.
The book is based on the discussion and analysis that took place at this exclusive event that brought together leading exchange professionals, their customers, and suppliers from around the globe to share insights and experiences. It will provide an overview of the latest technological, regulatory, and market developments in the exchange industry and the common problems exchanges face; explain how these problems are being addressed; and present the consensus view from leading exchange professionals about how to move forward. Most significant, the ideas in the book will come directly from the worlds leading exchange professionals and customers.
* Hear the voices of executive-level exchange professionals throughout the book for a candid, realistic, and high-level analysis of the exchange business, its present and future
* Share the stories of success and failure these exchange executives shared as they discussed solutions to common challenges
* Chart the way forward for your exchange business with confidence based on the collective insights and experience of these professionals
“The Mondo Visione Exchange Forum stands out as a 'must attend' event for exchange industry investors and leaders. This book, which reports on the first Exchange Forum, showcases the latest thinking on trading and execution, clearing and settlement, and competitive new entry --- the very themes that impact business on and of exchanges world-wide.”
-Robert Barnes, Managing Director, Equities, UBS Investment Bank
“Herbie Skeete is a well-known veteran of the stock exchange world, and his book The Future of the Financial Exchanges is an excellent overview of the dynamics, operation and governance of the global stock exchange industry. It gives an in-depth analysis of trends, change, growth and globalization, and how these developments impact all who operate in today’s capital markets. This is an essential read for anyone involved in the industry.”
-Tom Healy, Chief Executive, Abu Dhabi Securities Exchange
“Drawing on the debates of the first Mondo Visione Exchange Forum, this book contains many intriguing insights into important issues facing exchange trading and post-trade businesses today. Updated to take account of subsequent developments, it provides a valuable basis for further consideration of these fast changing sectors in today’s financial world.”
-Peter Norman, journalist and author of Plumbers and Visionaries: Securities Settlement and Europe’s Financial Market
“. . . The Future of the Financial Exchanges (like its underlying conference) provides detailed and current insights into a fascinating industry based on a perfect mix of background information and quotes/statements from key industry leaders. Both newcomers in trading, clearing and settlement, and long time professionals will find it very enlightening to read.”
-Peter Gomber, Chair of e-Finance, University of Frankfurt, Germany