Research library · Exchanges & Financial Data
Exchanges & Financial Data: the moats, the numbers, the verdicts.
11 companies covered. Every report re-run after the latest earnings.
Cboe Global Markets, Inc. CBOE
Cboe's share of United States equities fell in nine of the last ten quarters, from 12.8% to 9.4%.
CME's contract volume fell 1% last quarter and the fee it earns on each contract fell from 69.0 cents to 67.8.
It has now lost money for three consecutive quarters and cut roughly 700 people in May.
FactSet Research Systems Inc. FDS
FactSet's operating margin fell six and a half points in a year while its subscription book grew faster than it has since 2023.
Intercontinental Exchange, Inc. ICE
Intercontinental Exchange's recurring revenue rose in every one of the last ten quarters, from $357M to $416M, without a single down period.
Moody's ratings revenue grew 25% last quarter and its analytics revenue grew 4%.
Two of Morningstar's four disclosed renewal rates fell last year, a fifth was withdrawn because the billing system is being replaced, and consolidated organic growth has decelerate
A pension fund that decides to own emerging market equities has to write down what "emerging market" means, and the definition it writes down is somebody else's property.
Nasdaq has won 86% of the listings eligible to choose it, for 46 consecutive quarters.
S&P Global handed its automotive division to shareholders on July 1 and kept the four businesses where the moats are.
TransUnion holds one of three files on essentially every credit-active American, which is an asset nobody can rebuild.