Exchanges may need to rethink

Exchanges may have to make radical changes to their expansion plans in light of the tougher-than-expected stance taken by regulators over mergers and a lack of appetite for foreign takeovers. IntercontinentalExchange (ICE) chief executive Jeff Sprecher pointed to a string of planned tie-ups, such as that between the London Stock Exchange and TMX Group, that have failed, with nationalists arguing against assets falling into the hands of foreign firms.