Abstract
The recent transformations in financial markets mean that stock exchanges no longer engage only in the listing and trading of securities and related business lines within their domestic economies. These transformations also suggest the emergence of three distinct business models in the stock exchange industry: the global exchange, the regional exchange, and the diversified exchange. Rather than a hierarchy, this structure represents an interlocking lattice, where each exchange fills a distinct economic space and thrives on its specialties. Elements of this new business model considered here include stock exchange alliances, electronic trading, changes in financial regulation, and the changing importance of location. The analysis highlights the importance of understanding what these changes mean to both exchanges and market users.
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