"The transformation of the world’s principal stock markets into enterprises immersed in a competitive environment has not produced all of its intended consequences. Three strategies are competing: the vertical integration of stock markets and CSDs; horizontal growth in market share to an oligopoly dominated by large globalized stock markets; and the vertical control of stock markets by large financial institutions. This paper aims to build the analytical foundations of an explanation of these financial strategies. It suggests an analysis of the sustainability of previous evolutions and sketches out a future for the stock market industry. JEL codes: D43, G20, L11, L12, L13, L25, L41, L42, L43"