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Dominique Cerutti, president and deputy chief executive, NYSE Euronext

"All three are significant challenges facing the exchange industry. We believe that the industry’s approach to alternative venues should promote a level playing field where all venues are held to the same standards to ensure adequate regulation and the prevention of market abuse. With reference to the FTT, we consider it to have a potentially wide-ranging impact on the functioning of the capital markets and for HFT, we think it is worth putting things in perspective. HFT provides many clear benefits, such as more market liquidity and generally lower transaction costs for participants. Speed by itself is not bad. Regulators and the industry need to tackle more appropriately market manipulation, which may happen in low-frequency as well as high-frequency trading environments."

This month Financial News published its Trading & Technology Quarterly, focusing on the exchanges and trading platform market. FN asked the industry’s top executives which was the biggest threat to global exchanges: rules curbing high-frequency trading, financial transaction taxes, or alternative competitors?

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Views from the Top: Threats to the global exchange industry

David Thomas

Musical chairs at Citi, JPMorgan and HSBC: FN wealth this week

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Find out who is on the move in the City and beyond this week

Clifford Chance hires KKR director in London private equity drive

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Magic Circle firm boosts London private equity offering

Proskauer Rose hires Hogan Lovells private equity partner in London

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The announcement comes as USS Investment Management said it won’t bid for the property firm.

KKR Floats $1.97 Billion Non-Binding Offer for London-Listed Assura

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The U.S. private-equity firm said t decided not to begin a tender offer for the Japanese software company after consulting with Fuji Soft founder Hiroshi Nozawa.

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The Chinese technology giant has begun tests to integrate homegrown startup DeepSeek’s AI model into its Weixin messaging app.

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Unicoin bills its token as being backed by billions of dollars in real-world assets, but Biden administration regulators and some crypto executives were skeptical.

By Alexander Osipovich and Caitlin Ostroff

Will Trump’s Crypto Cops Still Police Fraud? This Flashy Startup Poses a Test

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KKR Floats $1.97 Billion Non-Binding Offer for London-Listed Assura

Bain Capital Ends Pursuit of Fuji Soft

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