Emerging technology is impacting capital markets participants’ choices around market collaboration partners, transaction venues and data. The industry is being transformed through technology, regulatory and market forces, resulting in global capital markets ecosystems that link infrastructure providers, institutional investors, brokers/dealers, service providers, and technology/data providers in innovative ways. Accelerating the rate of change is the convergence of emerging technologies including cloud, artificial intelligence, big data analytics and blockchain. The industry is leveraging these technologies to create efficiencies and competitive advantage and bringing entirely new business models and revenue opportunities to light. To paraphrase Darwin, It is not the fittest entities that thrive, but those most adaptable to change.