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本文描述了近年来世界期货市场 ,尤其是期货交易所本身发生的重要变化。新的通讯技术的采用 ,使各主要期货交易所电子交易的数量迅速增长。交易技术的创新引发了期货交易所之间的激烈竞争。因竞争格局的变化 ,过去一直采用传统交易机制和非赢利组织形式的美国期货交易所受到新兴交易所的挑战。与此同时 ,传统交易所的组织形式也随着技术变革的步伐 ,不断进行调整。
This article describes the important changes that have taken place in the world futures markets, especially the futures exchanges themselves, in recent years. The adoption of new communications technologies has led to a rapid increase in the number of electronic transactions on all major futures exchanges. Innovations in trading technology have fueled fierce competition among futures exchanges. Due to changes in the competitive landscape, the U.S. futures exchanges, which used to be traditionally traded in the form of non-profit organizations, have been challenged by emerging exchanges. At the same time, the organizational structure of traditional exchanges has been constantly adjusted with the pace of technological change.