ARTICLE SYNOPSIS ...Survival strategies for exchanges by Dr. Robert A. Wood The rate of change in the structure of capital markets appears to be accelerating. Some forces affecting change are the evolution of futures and options markets, computerized trading which permits professional investors to focus liquidity demands of essentially unlimited size on exchanges instantly, trading strategies such as portfolio insurance, index arbitrage and ""hot money"" strategies which result in immense liquidity demands being placed on exchanges within very short time frames, upstairs block trades and, more recently, basket t...