Open ecosystem exchange-operated data centres like the ASX’s Australian Liquidity Centre (ALC) in Sydney are actively helping their diverse community of clients to “reduce costs, complexity, and risk, while empowering them with agility and increased opportunities for partnership. It is these open exchange colocation centres that provide real value to their customers and are leading the way as a beacon for their peers to follow. By contrast, closed exchange-colos try to block off competition by barring other exchanges, dark pools, or carrier networks from their facility. In attempting to increase their slice of the market, they may ultimately be hurting the growth and expansion of these markets. In this report we look at the emergence of exchange colocation facilities, the value they offer, and their different models of operation, with various exchanges featuring as case studies.