全球交易所的竞争:市场结构的变化

The Competition of Global Exchanges: Changes in Market Structure

本文运用国际金融市场特别是期货市场的统计数据和案例材料,从横向竞争、纵向竞争、会员资格的开放和会员的多样化、竞争的资本密集程度的提高这几个方面,总结了交易所面临的竞争挑战。对美国占全球期货市场份额变化的分析表明,传统金融市场强国逐步丧失了绝对的垄断地位。但全球期货期权交易市场集中度的提高,却揭示了当前交易所服务市场竞争格局的复杂性。

This paper analyzes such new challenges that exchanges are facing as horizontal competition, vertical competition , more open and diverse membership and much more capital-intensive competition. By means of cases and statistical data mainly from Futures Industry Association, the author reveals that the concentration ratios in the global futures and options market have been increasing despite of the intensified competition and the declining traditional monopolistic powers.