Sean Park Portrait
Quote of The Day Title
The past is past, the future unformed. There is only the moment, and that is where he prefers to be.
- William Gibson (from Neuromancer)

More on exchange consolidation

Great graph courtesy Morgan Stanley, via the Economist, illustrating relative valuations of major equity and derivatives exchanges around the globe:

Exchange valuations March 2006

A couple key points highlighted in the article:

…And even if the merger doesn’t happen, the mere possibility illustrates convergent and accelerating trends among the world’s exchanges. These include a shift from mutual ownership to listed exchanges, rapid advances in and dissemination of technology, and increasingly sophisticated users who want to trade across borders and asset classes…

…With a transatlantic merger looming, exchange users in London voiced concerns this week that they might be subject to American regulators in future. Britain is generally seen by international investors as a more welcoming regulatory environment than the United States, especially since America passed the Sarbanes-Oxley and USA Patriot acts…

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