{'fraction_non_alphanumeric': 0.015228426395939087, 'fraction_numerical': 0.0025380710659898475, 'mean_word_length': 5.982300884955753, 'pattern_counts': {'":': 0, '<': 0, '<?xml version=': 0, '>': 0, 'https://': 0, 'lorem ipsum': 0, 'www.': 0, 'xml': 0}, 'pii_count': 0, 'substrings_counts': 0, 'word_list_counts': {'cursed_substrings.json': 0, 'profanity_word_list.json': 0, 'sexual_word_list.json': 0, 'zh_pornsignals.json': 0}}
Global Securities Exchange Landscape

The securities exchange landscape is undergoing a series of major structural changes, due largely to demutualization, consolidation, and competitive threats from alternative trading systems. The 12 major exchanges are all demutualized organizations in terms of revenues, and only four of them are unlisted companies. Increased competition between securities exchanges, ATSs and broker-dealers could incite exchanges to offer more services to their customers and reduce trading tariffs. The trend of consolidation in the securities exchange industry will continue in the near future because it represents a means of achieving revenue and cost synergies towards expanding trading activities, attracting more listings, and diversifying revenues sources.