Financial Times FT.com

Strategic view: Exchanges seek a new model

By Hamid Biglari

Published: November 16 2007 10:11 | Last updated: November 16 2007 10:11

The exchange industry appears to be at an inflection point, where the next wave of consolidation is likely to shape its endgame. Over a longer time frame, the business model itself may be redefined.

Strategic activity in the exchange sector has been infused with high drama. Almost every deal has been contested. Hedge funds, financial sponsors, sovereign wealth funds, politicians, and regulators all play active roles in shaping the outcome.

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