Global exchange revenues up 7.5% in four years, reaching $60 billion
Global exchange revenues reached $58.9 billion in 2024, demonstrating a 7.5% increase since 2020, according to findings in TP ICAP’s ‘exchange global share and segment sizing’ report. The report confirmed generally strong trading across most asset classes and stronger capital formation spurring this growth, with particularly strong gains in trading, clearing, and settlement (TC&S) and market technology and access (MT&A). Specifically, TC&S accounts for 60.3% of Asian revenues, 51.9% of EMEA revenues, and 50.2% of revenues in the Americas. The segment remains the largest business segment for the global exchange industry – revenue totalled $30.6 billion, up 9.8% year-on-year for 2024, and accounted for 52.8% of all industry revenues. The revenue increase has also in part been put down to the fact that global exchanges have become major holders of core capital markets technology and data assets over the last four years, bolstered by acquisitions of technology and data vendors supporting their innovation. “Exchanges are looking beyond traditional transaction-based revenue streams towards data offerings, leveraging current infrastructure, and deploying M&A activity to gain a strong foothold in the data space,” explained TP ICAP. Read more: Some exchanges pocketing nearly £5 billion from ‘inexplicable’ market data price rises, finds report Overall, 2024 was “a tale of strong equity, fixed income, commodities, energy, and metals trading and clearance,” confirmed TP ICAP, with the upwards trajectory projected to continue. The report profiled some of the largest global trading venues, including: SIX Group, CME Group, Cboe Global Markets, Deutsche Boerse, Euronext NV, HKEX, JPX, Intercontinental Exchange (ICE), London Stock Exchange Group, and Nasdaq among others. On the global stage, the major US exchanges (specifically ICE, CME, Nasdaq, and Cboe) had the best showing in 2024, each increasing more than 8% since 2023. Within Europe, TP ICAP findings showed that Euronext revenue increased the most – 10.3% – while Deutsche Boerse and LSEG went up 8.4% and 4.5% respectively. In APAC, HKEX was found to be the fastest-growing market in Asia, with revenue up 9.6% in 2024, and Singapore was also a stand out with a recorded growth of 6.1% year-on-year. The strong performances across the globe from exchanges is another facet of trading venues’ solid position across capital markets, all demonstrating a key focus on futureproofing. One major indicator are several developments in recent times regarding mergers and acquisitions between players in the space. The consolidation is seeing a previously fragmented stock exchange landscape becoming ever more interconnected. Just this month, SIX completed its acquisition of Aquis, eight months after the deal was first announced. Through the move, SIX and Aquis are have an aggregated 15% market share and access to 16 capital markets across Europe and the venues have already confirmed opportunities for “seamless trading” across multiple venues. Similarly, in June 2025, Miami International Holdings closed the £70 million acquisition of The International Stock Exchange, with MIH acquiring the entire issued and to be issued ordinary share capital of TISE not already owned by MIH East Holdings. Most recently, Euronext confirmed that it was in talks to acquire Athens Stock Exchange in a deal valuing the venue at €399 million (on a fully diluted basis). The combined group would run on a unified trading and post-trade technology, with a cross-border clearing framework. The post Global exchange revenues up 7.5% in four years, reaching $60 billion appeared first on The TRADE.
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