The Financial Times astutely notes some of the big macro trends driving the exchange business these days. With all the exchanges going public, the "members clubs" of course are no more. Indeed, membership doesn't seem to carry much cachet at all. The new power players are shareholders, to whom management is beholden. So that leaves members feeling a little on the outs, and they have voted with more than their feet. Increasingly, banks are looking for ways to get around the exchange. The rise of dark pools of liquidity is a good sign of that. Lehman Brothers has launched its Liquidity Cross (or LX) service, and the reception among customers seems good. The NYSE and Nasdaq have moved to enter this market but there are lots of competitors. What about direct exchange links to customers, like mutual funds and pensions? Well, U.S. rules for now prevent this, the article notes. But in Europe, the idea is hot. It may or may not happen. But it tells you a lot about the state of the exchange industry.  

For more:
- here's the item from The Financial Times