Rates biz is not just short term part of rate curve. That is smallest piece of their rate rev. They own whole curve for rate futures. Fed issuing long rate bonds + sheer volume of Treasury market has exploded. Exchanges are complicated and Street analysis lazy
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I like
$NDAQ a lot, worse exchange operations than CME, but still good share of equities and equity options and their other business lines, exchange technology and financial data, have grown nicely over past decade. Excellent mgmt. and ownership, not expensive valuation
$NDAQ is unique in that they’re licensing their exchange technology to clients apart from just market data. Theyre basically the only exchange pursuing that business and the market rewards it with a premium multiple