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
watched its share price more than double since its IPO last
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