The turn of the twenty-first century saw the re-emergence of debates about the reconfiguration of European financial geographies and the role of stock exchange mergers in this process. There has been, however, no systematic attempt to date to analyse such changes. This paper proposes a specific conceptual framework to explore these issues. It uses a product-based analysis to examine, in the context of recent stock exchange mergers, the factors affecting the competitiveness of a financial centre. It argues that it is important to understand three intertwined influences � product complementarities, the nature of local epistemic communities, and regulation � and their contingent effects on change. This is exemplified by a tentative application of the framework to the case of Amsterdam in order to better understand its recent decline in competitiveness as a European financial centre.