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White Paper

Stock Exchanges & Clearing Houses - Evolving Business Model

 

Globalization and national reforms, combined with rapid technological changes, have introduced new dynamics within stock exchanges and clearing houses. In this white paper, we aim to develop a model that can both help understand these evolving forces and predict the most likely direction for the future of the industry.

We studied revenue streams of various exchanges and clearing houses over the last three years and combined this research with the opinion of industry experts. Our analysis has indicated several real and hidden threats that incumbent players face as a result of changing industry dynamics.

The paper comprises four sections.

  • In Section II, we review the pressures on the revenue stream of leading players within the industry and the resulting stress on their top-line revenues.
  • In Section III, we present several strategies adopted by the industry in wake of these pressures.
  • In Section IV, we list some restrictions of these response strategies and our views on the future industry model.
  • In Section V, we conclude with the possible limitations of our research and detail areas with the potential for further research.