Authors : Akomolehin Francis Olugbenga

Volume/Issue : Volume 11 - 2026, Issue 6 - June

Google Scholar : https://tinyurl.com/yz7yyn2b

Scribd : https://tinyurl.com/4xh3fxj9

DOI : https://doi.org/10.38124/ijisrt/26jun344

Note : A published paper may take 4-5 working days from the publication date to appear in PlumX Metrics, Semantic Scholar, and ResearchGate.

Abstract : This study examines the effect of FinTech disruption on the evolution of traditional stock exchanges across selected emerging and developed markets from 2010 to 2025. It focuses on the Nigerian Exchange Group, Johannesburg Stock Exchange, Nairobi Securities Exchange, Singapore Exchange, and Nasdaq. The study specifically evaluates how API integration, blockchain settlement systems, robo-advisory adoption, and digital brokerage penetration influence exchange evolution indicators, including trading volume, listing activity, market capitalization, settlement efficiency, and digital product innovation. A comparative institutional panel research design was adopted, while Difference-in-Differences estimation served as the main analytical technique. Event study analysis, synthetic control method, and panel threshold regression were also used to strengthen the robustness of the findings. Data were obtained from the World Bank, IMF, World Federation of Exchanges, exchange annual reports, securities regulators, and relevant empirical studies. The findings show that FinTech innovation significantly improves exchange modernization, operational efficiency, liquidity, investor participation, and product development. Blockchain settlement systems had the strongest effect on settlement efficiency, while digital brokerage penetration strongly improved trading volume and market access. The study also finds that developed exchanges benefit more from FinTech adoption due to stronger institutional flexibility, regulatory readiness, and technological infrastructure. The study concludes that the long-term competitiveness of traditional stock exchanges depends on institutional adaptability, regulatory modernization, and sustained investment in digital market infrastructure.

Keywords : FinTech Disruption; Stock Exchanges; Blockchain Settlement; Digital Brokerage; Institutional Adaptation; Capital Markets.

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