The global exchange market is being transformed by market structure changes such as Reg NMS in the United States and Markets in Financial Instruments Directive (MiFID) in Europe, a large number of mergers and acquisitions (M&As), technological advancement, and new competitors. Two years of frenetic M&A activity has transformed the global exchange market from separate fiefdoms protected by geographical and regulatory barriers into a highly competitive, global business market dominated by five major players. This Research Note examines the impact of the changes on technology vendors serving the exchange sector and on securities and investment institutions.