Trading exchanges in the US and UK went from member-owned clubs where a "seat" or membership bestowed trading rights on the holder. The advent of electronic trading made it necessary for exchanges to make significant investments in technology. Before this century, there were many independent exchanges. The increasing capital requirements created a period of mergers and acquisitions that created economies of scale when it comes to running a futures exchange. The CME and ICE emerged as the leading exchanges as both had voracious appetites when it came to gobbling up other exchanges and bourses in