Securities exchanges in the Asia-Pacific region have experienced the most explosive growth over the past year, with the National Stock Exchange of India emerging as the worlds third most active exchange measured by volume, according to a study from Celent, the exchanges consultancy firm.
Celent称，这一强劲增长表明了在全球角逐重压加剧的状况下，证交所行业所发生的变化。科技革新使得当地交易平台可以达成全球规模，并扩大买卖量，从而引发了角逐。
The strong growth is symptomatic of the way the exchanges industry is evolving under competitive pressure that has increased worldwide, says Celent, with competition enabled by technological1 innovation that allows local exchanges to achieve global scale, and increasing trading volumes.
该研究报告题为《全球证交所格局》。研究发现，按买卖活动增幅衡量，亚洲增幅最大，特别是中国，其上海和深圳交易平台的上市总市值分别扩大了591%和485%。以股票买卖量衡量，两交易平台的增幅分别为311%和231%。
The study, titled Global Securities Exchanges Landscape, found that in terms of growth in trading activity, the biggest increases occurred in Asia, particularly in China where the Shangahi and Shenzhen exchanges increased the value of equities2 traded by 591 per cent and 485 per cent, respectively. By the number of shares traded, the growth rates were 311 per cent and 231 per cent.
整体而言，从2006年上半年到2007年上半年，全球股票买卖量增幅为44%。
Overall, the number of equities trades worldwide increased 44 per cent between the first half of 2006 and that of 2007.
研究发现，尽管角逐加剧且存在科技投资需要，但交易平台行业仍收益不菲。不过，各交易平台的价值率则大有不同。
The study found that in spite of increasing competition and the need for investment in technology, the exchanges sector3 remains4 highly profitable, although profit margins5 vary widely from group to group.
整体而言，盈利最高的证交所是香港证交所，其利率高达61%；紧随其后的是伦敦证交所和西班牙交易平台BME，其利率分别为50%和45%。
Overall, the single most profitable exchange is that of Hong Kong where margins are 61 per cent, followed by the London Stock Ex- change, where margins are 50 per cent, and the Spanish exchange, BME, where margins are 45 per cent.
美国两大交易平台纽约证交所和纳斯达克的价值率较低。二者分别占全球股票买卖总量的31%和17%，但利率分别为9%和8%。
The two largest US exchanges, NYSE and Nasdaq, which together account for 31 per cent and 17 per cent of all volume traded worldwide, are less profitable. Margins at the two are 9 per cent and 8 per cent, respectively.
报告指出，面对角逐，各交易平台纷纷实行了股份制改革，并且有不少交易平台进行了上市筹资。
On the subject of competition, the report notes ex- changes have responded to threats by de-mutualising ownership and in many cases, seeking a listing that gives them access to capital.
报告总结称，在欧洲要达成角逐比美国更难。
The report concludes that competition in Europe will be more difficult to achieve than in the US.