Electronic Exchanges and Trading: Benefits 263 market, such as trading screen providers, market data providers, and other software developers, jumped at the opportunity to take advantage of the open exchange connectivity. The technology vendors helped exchanges and other financial players reduce their trading costs. For example, NYSE's purchase of ARCA has saved them over $200 million in technology expenses. 1 Technology providers such as OM and AEMS 2 license their software to exchanges around the world. AEMS alone sells its software to over 20 exchanges, responsible for 17% of Euronext's revenue. 3 Mergers and acquisitions within financial markets have further increased the interconnectivity between players. As we saw in earlier chapters, the mergers and acquisitions between exchanges have increased significantly in the past decade as the physical barriers were broken and the migration toward electronic trading picked up. The pioneers who had a head start in establishing their position in electronic trading saw their volume pick up as they expanded their market share. The increase in volume provided the exchanges with increased revenue, which in turn allowed them to further bolster their product offerings by forming partnerships with more exchanges. Table 11.1 shows some of the major exchange groups and their volume increase between 2006 and 2007. These exchange groups are collections of exchanges that are formed through mergers as well their own subsidiary crea- tion to trade new asset classes. For example, CBOE group is composed of the