Why stock exchanges aren't creating value proposition for investors?

Financial performance of stock exchanges across the world suggests no generated value for investors

Students of finance are taught three parameters to evaluate the attractiveness of a business - sustainability of revenues, scalability of business and its ability to retain exclusivity in the space it operates. Even if one of these parameters aren’t met, exercising caution on these businesses is considered prudent. Companies from the airlines, retail, telecommunication sectors and listed stock exchanges outside India stand as examples.

Deutsche Boerse AG, parent company of Frankfurt Stock Exchange - world’s oldest exchanges, now likely to be merged with London Stock Exchange Group has seen its net profits dwindle year after year since 2010. Revenue growth