Strong results from derivatives markets have driven solid stock price gains for publicly traded exchanges around the world through the first nine months, bucking the ongoing bearish equity markets.
The Dow Jones Global Exchange Index, which measures the performance of ten publicly traded exchanges, jumped 32.6% from January to 23 September this year. That is a major turnaround for the index, which fell 13.6% during the same period in 2002. The index has been powered by booming derivatives markets, some of which are owned by stock exchanges such as Euronext and Deutsche Börse, others of which, such as Chicago Mercantile Exchange (CME), are stand-alone. CME alone has...