As part of our internal research we explore the number of execution venues (including organised markets and exchanges) that currently exist, the rate at which they are increasing, and how they are globally distributed. We thought we'd share the basics of that research as it makes for some interesting reading.
People often ask me for a simple overview of what exchanges are. Many people know a bit about trading but are often uncertain of how exchanges really fit into that picture. This guide aims to provide a layman's introduction into how exchanges work, what matters to them and why participants in the markets should care.