The changing face of trading will drive additional mergers between various global market exchanges, H. Rodgin Cohen, chairman of Sullivan & Cromwell, told CNBC.
As a corporate lawyer in the financial services industry, Cohen has been a major player on Wall Street four more than 40 years.
In that time, he's seen the many changes that have occurred in the capital markets and now believes that the cumulative effect over the years will drive merger activity.
"It's really going to be the intersection of mergers and acquisitions and financial services," Cohen said. "The two are incredibly intertwined."
Cohen spoke as the market digests the $10 billion merger of the New York Stock Exchange and the Deutsche Boerse, and rumors that the London Stock Exchange Group is mulling a takeover of Nasdaq OMX Group .
While he didn't address any specific deals, he said globally flavored mergers make the most sense.
"Trading has become international in scope and that requires international exchanges," he said.
That is one of three factors he sees influencing mergers. The other two are the proliferation of derivatives and the advances of technology.
"Technology is playing such a huge role in trading," Cohen said. "So those firms which have the superior technology are those that are going to prosper. Technology also can be spread in terms of cost. All three of these factors lead to further consolidation."