Second, market developments in relation to stock index futures and options will reflect the rise of area-wide indices. This may in turn lead to either consolidation or product specialisation of equity derivative exchanges.
For my part, I consider the development of fair competition between exchanges to be a positive factor in terms of the improvement of the range of products and services available to the financial industry. Third, in the equity market the euro has also provided a powerful incentive for the creation of new – and possibly competing – alliances among exchanges.