This paper examines the strategic reset initiated by the London International Financial Futures and Options Exchange (LIFFE), an institution with certain structural similarities to government. The exchange underwent a commercial strategic reset in 1998, sixteen years after its founding, in reaction to a competitor’s (Deutsche Termin Börse) entry into the market. LIFFE was initially unable to confront the threat because its governance structure required buy-in for radical change, namely from people who would be profoundly affected by that change and were able to block it because they owned stakes in the business. It was not until these stakeholders reconciled themselves to the fall in the value of their investment in the business—and the prospect that it could soon be worthless if they continued to oppose change—that action became possible. New leadership was appointed that offered clear vision, and the realignment focused on the ways by which the market was made available to customers.