It wasn’t so long ago that the main stock exchanges in Europe were considered cornerstones of each nation’s economy and national identity – like a national airline. But, just as national carriers have been assaulted by low-cost carriers such as easyJet and Ryanair since the introduction of the markets in financial instruments directive in November 2007, they have lost market share to smaller competitors and their very existence is under threat.

The London Stock Exchange, Deutsche Börse and NYSE Euronext face unprecedented levels of competition in the areas that used to generate the bulk of their revenues, begging the question: "What is the point of a stock exchange?"