Eurex's deal with Trading Technologies
makes great sense for the launch of Eurex US, but the exchange
may get a bumpy ride back home in Frankfurt from other software
The ISV model has served the exchanges well since it was
introduced some years ago, allowing them to get away with not
producing their own sophisticated front ends without limiting
the technology available to members. While some start-ups were
granted an early licence to print money by the dot-com boom,
the harsh realities of competition in a burgeoning industry
soon set in. A period of over-discounting in a desperate bid
for market share led some firms to the additional pain of
having to get their houses in order. All in all, the road to
profitability has proved long, with several firms still only
part way along it.
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