Never before have exchanges undergone the heavy trading volumes, severe volatility, and intense scrutiny brought on by the global market crisis that began in earnest last year. Emerging from a period of blockbuster mergers, the largest market operators have so far run with few problems as investors worldwide rushed to sell securities. While the volatility could mean a short-term trading bonanza, the industry is also keeping a close eye on politicians and regulators considering sweeping changes that could mean new restrictions on capital markets and its growing ranks of participants. Some exchanges could take advantage as over-the-counter products such as credit derivatives, demonized by some for their role in the crisis, are pushed on to transparent clearinghouses.

Meanwhile, traders have hung on as roller-coaster markets forced them to reevaluate and even abandon some long-held investment strategies. The growing prominence of computer-based high-frequency trading has driven volatility to record highs, and accounts for record trading volumes in U.S. stocks despite a recession that has toppled some of the biggest financial firms. With ever faster technology, dark pools and other alternative venues have proliferated and intensified pricing wars meant to attract investors, who are bruised by the selloff and sensitive to trading costs. 

CEOs and other top names will discuss these and other topics in a series of closed on-the-record interviews at the Reuters Exchanges and Trading Summit, to be held in New York and London on May 11-13, 2009. The Summit will generate a series of exclusive interviews and articles, regular blog postings and online videos.