The very smallest exchanges may still be entirely reliant on outsourcing from larger groups, but others are building their own technology, embracing mobile trading and increasingly examining the potential for artificial intelligence and distributed-ledger technology (DLT) to disrupt—and perhaps, enhance—their own tech base. 

In many cases, this may also allow them to leapfrog painful and unnecessary steps in technology development that more mature exchanges have had to experience.

Indeed, the