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