本文运用国际金融市场特别是期货市场的统计数据和案例材料,从横向竞争、纵向竞争、会员资格的开放和会员的多样化、竞争的资本密集程度的提高这几个方面,总结了交易所面临的竞争挑战。对美国占全球期货市场份额变化的分析表明,传统金融市场强国逐步丧失了绝对的垄断地位。但全球期货期权交易市场集中度的提高,却揭示了当前交易所服务市场竞争格局的复杂性。 Based on the statistics and case materials of the international financial markets, especially the futures market, this paper summarizes the challenges faced by exchanges in terms of horizontal competition, vertical competition, membership liberalization and membership diversification and the intensification of capital-intensive competition The competitive challenge. An analysis of the changes in the United States’ share of the global futures market shows that the monopoly position of the traditional financial market powers has been gradually lost. However, the increase of the global futures exchange market concentration has revealed the complexity of the current exchange market competition pattern.