Financial exchanges are the place to be. Even the chill gripping the world’s credit markets for much of this year has not stopped sharp rises in the share prices of global exchanges.
The Dow Jones Global Exchanges index, which covers 22 exchanges across the world, most of which have been floated only in the past few years, gained 68 per cent in the first 10 months of this year. That followed gains of 76.8 per cent last year, 54.9 per cent in 2005, and 39.3 per cent in 2004. Since the index’s inception at the beginning of this decade, it has gained more than 1,000 per cent. This has been achieved over a period when the developed world’s stock markets have been almost flat.
