World stock indices are still barely in positive territory for this decade, as they recover from thedisastrous collapse that affected many in 2001. But the performance of the exchanges that trade the shares has been extraordinary.

The Dow Jones Global Exchange index has gained 600 per cent since its inception at the beginning of 2000. So far this year, it is up 77 per cent. Once treated as uninteresting utilities, exchanges have seen the most dynamic change in the financial services industry over the past few years. Mergers and acquisitions activity is intense, while the future shape of the industry remains in the balance. Indeed, it seems to change each week.