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  "documentTitle": "Elevating the Exchange",
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  "notes": "The slide contrasts the stagnation of traditional listing volumes with the broader margin pressure caused by rising operating expenses.",
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      "text": "As Figure 1 shows, the average number of total equities listings on stock exchanges around the world remained stagnant between 2019 and 2023 and dropped by roughly 3% in 2023.",
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      "text": "Average number of total equity listings per exchange worldwide",
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      "text": "Average number of total equity listings per exchange worldwide: -2.9%",
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      "text": "This pressure is coming from different directions. For example, the number of total listed equities per exchange has only seen limited growth in recent years, while fee-based income margins are being squeezed by intensifying competition.",
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      "text": "Figure 2—which incorporates data from 17 leading exchanges—shows how the traditional business of exchanges (notably listings and trading services) saw profit margins collapse by almost 80% over the past 10 years (down 31 percentage points from the high).",
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      "text": "Yet during the same period, exchanges' overall margins contracted by a smaller amount (down 11 percentage points from the high), thanks to other revenue generated by non-traditional business, such as data monetization, technology provisioning, and analytics services.",
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      "text": "Over the past decade, exchanges have seen their revenues rise from traditional fee-based lines like trading and issuance, but operating expenses have grown even faster.",
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      "text": "Source: Accenture Research analysis of data from the World Federation of Exchanges.",
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