Market infrastructure is hot again. A flurry of mergers and acquisitions were announced in 2018 involving platforms that support the trading of bonds, equities, foreign exchange and derivatives.

The deals point toward several trends that are changing how markets operate, notably the strategic value of data and analytics, and indicate where industry leaders see the greatest potential for growth.

Related: For a full timeline of noteworthy 2018 deals, click here . Three broad types of deals were announced: consolidations aimed at cost-cutting, expansions into new markets, and acquisitions of next-gen technologies. Most of the larger deals involved the major...