For exchanges that historically stuck to stocks and futurescontracts, the hottest new bet is challenging banks' dominance incurrency trading.
Deutsche Boerse AG, which runs the Eurex futures exchange andXetra stock market, joined the battle on Sunday with the 725million euro (US$793 million) purchase of currency market 360T. Itsdecision came six months after Bats Global Markets Inc., a stocksand options specialist, waded into the business by spending $365million on Hotspot FX.
Banks have long served as the backbone of currency trading, butthat could be changing following a rigging scandal and as exchangesseek new growth engines. Foreign exchange is a huge territory;roughly $5.3 trillion trades every day.
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