Economic recovery and central-bank actions coinciding with new virus concerns are boosting volatility into 2022 for interest rates and commodities, while equities activity may face challenging 1Q comparisons. Trading could help support modest revenue growth at global exchanges in 2022. Diversification might remain focused on bolt-on M&A outside of Europe, while Deutsche Boerse may need a larger deal. Data and analytics remain structural themes, while Asia listings, market structure debates (including payment for order flow), and existing and future MiFID rules will be key to watch. Fixed income, index, crypto assets, ESG and options development may boost product growth. (Source: Bloomberg)