Battle of the Bourses

Things have changed at Europe's stock exchanges. The past year has been an adventurous one for many of the region's bourses - which, in itself, is change enough. But the year ahead offers the prospect of more radical moves, wider choice and spreading conformity. Although you won't get many of the exchanges to admit it, increased competition is the driving force behind the innovations, fuelled by an unprecedented demand for equity stocks. Yet, ironically, the competitive pressures are also