The future's exchanges

Exchanges once saw 'disruptive' hedge funds as bad for business. Now that they're after profit themselves, hedge funds make good customers, especially as new exchanges spin off from the digital revolution

It should come as no surprise (but it often does) to learn that hedge funds drive up to 30% of some exchanges' business. The surprise is these apparently arcane investment vehicles command such large volumes on established exchanges.

Not all exchanges benefit from this attention, but the major US and European exchanges have certainly attracted large order flows from hedge funds - both in cash markets and derivatives.

The key questions now being addressed by exchange managers, therefore, are: what

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