Migration also makes it more difficult for countries to sustain a fully-fledged local
stock exchange. As trading volumes further decrease, financing the fixed overhead of
maintaining market oversight, clearing, and settlement systems, among others, and
generating enough order flow for local brokers and enough business for local investment
banks, accounting firms, and other supporting services will become even harder,
especially for smaller emerging markets. The trend towards increased migration will thus
make it more difficult for small exchanges to survive (see also Lee and Steil 2002). This is
already reflected in the drive for mergers among many developed countries, particularly in
Europe.