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  "documentTitle": "Elevating the Exchange",
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      "text": "But faced with the challenges outlined above, exchanges will need to improve their operational efficiency and find additional sources of revenue. The good news is that even as margins are squeezed, new offerings—such as digital assets and environmental, social and governance (ESG) data services—are opening up growth opportunities.",
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      "text": "It is however notable that in the exchange business, size is not necessarily a prerequisite for a high profit margin. Our research shows that there are also smaller exchanges, especially in emerging markets, which are achieving high net margins (Figure 3).",
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      "text": "A competitive threat to many exchanges’ primary business comes today also from private equity, which according to PitchBook, has seen a quadrupling of assets under management globally since 2010¹. Such private capital offers companies the possibility of staying private longer and raising funds with—usually—more flexible terms than those available in the public markets.",
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      "text": "At the same time, realizing these new offerings is not a given. Exchanges are exposed to competition in parts of their businesses from nimble upstarts; the latter’s agile operating models and cloud-native, application programming interface (API)-driven architectures often enable them to turn a product or service from idea into reality faster than do most incumbents.",
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