Examples: ICE purchase of NYSE ($550M synergies) CME purchase of NEX ($200M synergies) CME purchase of CBOT ($125M synergies) CBOE purchase of BATS ($65M synergies) CME purchase of NYMEX ($60M synergies)
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Exchanges that innovate: -Keep & gain customers -Generate plenty of cash -Use that cash to buy assets -Extract synergies from those assets Exchanges that don't innovate: -Lose customers -Are bought by rivals -Are forced to cut fat through synergies
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