#02-14
"The Future of Securities Exchanges"
Ruben Lee, February 2002

Introduction: The future is not only out there, it is also what we make of it. This paper presents a range of predictions about securities exchanges. It seeks both to extrapolate logical conclusions from current trends, and to provide a virtual bully pulpit to ensure that all is for the best in the best of all possible futures. Four broad themes are discussed. They concern, respectively, information, industry, governance, and politics. Predictions are made about each of these themes, and comments are provided on why the predictions will come to pass, and on some of their commercial and regulatory implications.

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