A primary driving force behind this recognition of an antiquated regulatory model is the demutualization of many of the worlds' exchanges. In a recent questionnaire conducted of its members - 38 of which responded - the World Federation of Exchanges noted that 11 exchanges are demutualized, 11 are publicly listed companies, 4 are privately limited companies, 7 fall into an "other" category, and only 5 are association or mutual organizations. IOSCO reports that at least 17 exchanges, or holding companies for an exchange group, across the globe have obtained public listings since 1987, with many of these demutualizations taking place during the last 5 years. Although the numbers differ, I think you catch my drift - the times are a' changing. But what does this mean for the role of exchanges?