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Exchanges 2.0: The Evolution of Exchange Technology in Cash Markets

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17 August 2011
David Easthope Muralidhar Dasar

Abstract

Technology is no longer solely an enabler, but rather a core function of leading exchanges. Celent believes that, through 2015, more and more technology infrastructure will be considered strategic for exchange operators.

In a new report, Exchanges 2.0: The Evolution of Exchange Technology in Cash Markets, Celent examines the new platforms and advanced technology services offered by leading exchange groups. The report also discusses what exchange operators should do to optimize the return on their trading infrastructure.

Exchange groups have become some of the largest financial technology distributors in the world, with several exchange groups creating separate divisions to commercialize their trading infrastructure. Moreover, exchanges are expanding to support a wider operational footprint, driving continued IT development and investment across the trade process value chain.

Technology is a big business. At the largest exchange operators, 2011 revenues from IT were US$1.8 billion, or 20% of major US and European exchange groups’ revenue. Furthermore, these revenues are projected by Celent to grow at a 20% CAGR from both organic and inorganic sources to reach US$3.8 billion or 33% of exchange revenues by 2015.

“For exchange operators, what will ultimately separate the winners from losers is being able to build and leverage technology to appeal to high frequency trading institutions, while balancing the needs of other market participants,” says David Easthope, Research Director with Celent’s Capital Markets Group and coauthor of the report.

“To win this business, exchanges must continue to evolve their trading platforms and offer advanced technology services,” adds Muralidhar Dasar, Celent Analyst and coauthor of the report.

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