Abstract
This chapter explores the implications of the tremendous surge in product innovation. The creation of new products is one of the most important activities that occur at exchanges. New products, if successful, can translate within a short period of time into new business. Product innovation can mean the difference between life and death. Product innovation is crucial to the growth of exchanges. Stock exchanges continually list new stocks, but it has been their venture into other equity-related products such as exchange-traded funds that has created growth. Equity options exchanges have expanded via a number of new equity indexes. The shift to electronic trading has significantly reduced the cost of starting a new product.
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