Given the unprecedented turmoil that securities exchanges around the world are experiencing, it is fair to wonder if they still have much of a future. The answer is "yes, but." To survive, exchanges will have to go through radical change.

For the many global banks that have brokerage activities on derivatives or equities exchanges, the evolution of exchanges will create new challenges-profit pressure as well as new opportunities. Consider the trends and events of the last year or so.

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