As the European exchanges link up and trading fees collapse, Greifeld expects trading volumes to increase rapidly and a wave of new computerized exchanges to spring up.

FORBES: Get Briefed: Robert Greifeld

Members are already working to harmonise accounting and trading rules, to link their systems and to combine marketing.

ECONOMIST: European stockmarkets

Studies, like a 2007 report prepared by Art Durnev and Amrita Nain of McGill University, have also shown a link between increased enforcement of insider trading laws and decreased exchanges of confidential information across a vast spectrum of countries.

FORBES: Can The Government Stop Insider Trading?

The link to Lloyds was not working at 0700 GMT, when trading in the shares started.

BBC: Float scrambles Egg