We normally wouldn't touch airlines with a ten-foot pole, but the short-term technicals are positive, with the stock breaking higher out of a multi-month base, pulling back on light volume and accelerating higher again.

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Even a very conservative estimate of price elasticity (-0.1) would imply a 10% decline in volume in 2013 due to the base effect.

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Big data analytics deal volume saw similar growth, but from a smaller base.

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Exchanges are having to adapt to changes in their customer base, now that hedge funds and algorithmic traders account for a greater share of volume.

ECONOMIST: Technology and exchanges: Moving markets | The