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1998 became the year DB1 took control of the Bund market. Their electronic platform made it easier to sign up foreign traders, and EU laws were changed to help open access to foreign markets. That, combined with lower fees, built the snowball effect the exchange needed:pic.twitter.com/vbQibYPgr9
The impact on LIFFE and London finance was huge. LIFFE became an electronic exchange to try and save market share, but was too late. Profitability was damaged, and Euronext bought the group in 2002. Now it's part of $ICE.
DB1 still has near - 100% Bund share to this day.pic.twitter.com/6fnx1Lw6r0
My main takeaway from this story: New technology & regulation are the top ways market share changes hands. Exchanges who adapt & are prepared for change survive.
If this thread taught you something, check out my newsletter where I write about the exchange industry every Friday:https://frontmonth.substack.com/
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