May 30, 2023 – Innovation in electronic trading has completely transformed global capital markets over the last 30 years. The changing regulatory landscape has played a meaningful role in today’s market structure evolution, but other factors—such as the growth of the internet and cloud computing, advancement in trading technologies and data analytics, increasing industrywide cost pressures, and more—have also influenced today’s market structure across the different asset classes.

This report takes a historical perspective on innovations in execution venues. It highlights a sampling of new players that could potentially lead the next growth phase across the various asset classes (Blue Ocean Technologies, 24 Exchange, LTX, and OneChronos). The report is based on interviews with key industry stakeholders and senior executives within execution venues, sell-side, buy-side, and technology vendors, as well as Aite-Novarica Group’s analysis of 20 years’ worth of information.

Clients of Aite-Novarica Group’s Capital Markets service can download this report.

This report mentions EBS, FXall, FX Connect, Instinet, Island, MarketAxess, Reuters Matching, and Tradeweb.