Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Friday, July 6, 2007

Exchange-Traded Derivatives Drive Mergers

Three-quarters of the combined profits of the seven publicly traded exchanges in this year's first quarter came from developing and trading exchange-traded derivative products -- not trading stocks.  This, according to the Wall St. Journal, explains the merger mania among exchanges, as an exchange wants to acquire another exchange's financial derivatives.  For a complete history of financial derivatives, going back to classical Greece, see WSJ, Inside Exchanges' Race To Invent New Bets.

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