The value of listed exchanges rose by 27% per cent in May 2009, according to data from Mondo Visione. The result built on the rallies in March and April and demonstrated confidence returning to the industry.

The Mondo Visione Exchanges Index, which reflects market sentiment and is an indicator of exchanges performance, climbed back to a level not seen since early October 2008 closing at 22187.70 on 29 May 2009. Year to date the index has increased by 40.6%.

In May 17 of the 18 listed exchanges on the Mondo Visione Exchanges Index saw values raised.

"Derivatives markets are leading the pack, in-part on hopes that the US and European regulators plan to regulate over-the-counter derivatives, which could help exchanges and hurt the dealers who have fought hard to keep their opaque market private," commented Herbie Skeete, managing director, Mondo Visione.

Changes in regulation should help fuel growth for exchange operators, particularly those who have the capacity to provide clearing services, he noted.

One potential problem looming for the integrated exchanges and the derivative exchanges is the threat by regulators to force separation of clearing from trading, said Skeete.

The FTSE Mondo Visione Exchanges Index best performer by capital returns in US dollars was CME Group with a 45.3% increase in share price from April 30, 2009 to 29 May 2009. The worst performer was Johannesburg Stock Exchange with a 0.2% decrease in share price during the period.