A century ago, there were more than 20 stock exchanges across the UK. Today, the London Stock Exchange competes for investors and companies on a world stage.And with its ‘merger of equals’ with the Deutsche Börse group progressing, what the subsequently enlarged group will look like, and what it will be competing with, is the subject of this month’s cover story. Equity issuance may be the most relevant exchange activities for corporate financiers. But, for the world’s exchanges this is a mere fraction of their income today. High-frequency trading and other ancillary services have made them less dependent on IPO windows being open.
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