The Emerging Global Exchange Landscape - Who
Owns Whom?
LSE Group and TMX Group NYSE Euronext and Deutsche Börse
London Stock Exchange Toronto Stock New York Stock Exchange
Exchange
Borsa Italiana Euronext
Montreal Exchange Frankfurt Stock
Tokyo Stock Exchange (JV) NYSE Arca Exchange
TSX Venture Exchange
Turquoise (European Dark NYSE Arca Europe Eurex (with SIX
Pool) Natural Gas Exchange Swiss Exchange)
NYSE Alternext
MTS (Fixed Income Trading) BostonOptions Clearstream
Exchange NYSE Amex
CC&G Clearing
NYSE Liffe (Futures, Options)
Nomura’s Instinet and BATS Global Markets NYSE Liffe US
Direct Edge
International
(through ISE)
NYSE Bonds Stock
Exchange
Chi-X Global EDGA ,
Euronext Bonds (through
(100% stake)
Eurex)
Chi-East BATS Y EDGX
NYSE Blue (Environmental Markets)
Chi-X (50%
Canada stake) BATS Z
Marché Libre
Partner:
Chi-X Japan Singapore BATS
SmartPool (European Dark Pool)
Exchange Options
Chi-X Exchange
Australia NASDAQ OMX Group
Nasdaq Stock Market Nasdaq OMX BX
BATS
Chi-X Europe (34% stake)
Europe
Nasdaq OMX PSX 7 Nordic and Baltic stock exchanges
TABB Group | February 2011 1
Ranking by Market Capitalization and Operating Margins
as of 1/31/2011
Diversified and Integrated
80% Derivatives Only
Diversified, Not Integrated
74%
71% EBITDA
Linear (EBITDA) 67%
65%
63%
61%
57%
52%
49%
24.7 43%
39%
20.6 36%
14.9 14.2
8.8 8.3
7.1 6.5
4.3 3.7
2.8 2.6 2.4
HKEx CME Deutsche BVMF ICE NYSE SGX ASX NASDAQ LSE TMX CBOE BME
Boerse Euronext OMX
Note: Market cap in US$ billions. Sources: Bloomberg, TABB Group, BM&FBovespa
How The Chips Could Fall – Global Powerhouses,
Regional Alliances, Product Alignment &Technology
Global Powerhouses Regional Alliances
LATIN AMERICA
CME BM&F BOVESPA
MILA - Integrados Latinoamericanos,
(Integrated Latin American Markets)
NYSE Euronext/Deutsche SIX Swiss (Deutsche Börse and SIX
Börse Swiss co-own Eurex) Bolsa de Valores de Lima (BVL)
BM&F
BOVESPA
Bolsa de Comercio de Santiago(BCS)
London Stock Exchange Tokyo Stock Exchange (existing JV
Group/TMX Group between LSE and TSE)
Bolsa de Valores de Colombia (BVC)
Singapore Stock Exchange
NASDAQ OMX Common CHINA
Technology
Australian Stock Exchange Hong Kong Shanghai Stock Exchange
Exchanges and
Clearing (HKeX) Shenzhen Stock Exchange
Product Alignment Common Technology
Futures/ Environmental Central and Eastern INDIA/THE MIDDLE EAST
European Stock Exchange
Group (Xetra) India’s National Stock Exchange (NSE)
ICE/Climate NYSE Borse
CME Euronext/ Vienna Prague Dubai
Exchange Bombay Stock Exchange (BSE)
Deutsche
Börse Budapest Ljubljana
RUSSIA JAPAN
Options Warsaw Stock Exchange
(NYSE Euronext) RTS Osaka
Korea Options Tokyo
Stock
CBOE and Futures Stock
Exchange
Exchange Johannesburg Exchange
(OSE)
LSE /TMX Stock Exchange (TSE)
(Millennium IT) MICEX
TABB Group | February 2011 3
