@CMEGroup shares up 3.8% today in NY, still down more than 16% YTD.
Striking divergence in share price performance for exchanges/ trading venues in Q2 market rally.
@Nasdaq, @euronext, @DeutscheBoerse @MarketAxess hit all-time highs in last 2 weeks
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@HKEXGroup on a tear since March, all-time high and $53bn market cap makes it 2nd biggest in world again.1 reply 0 retweets 0 likesShow this thread -
@LSEGplc recovered most of its losses Intercontinental Exchange@ICE_Markets bit less so@Tradeweb hit all-time high early June but slipped back But Chicago's not a happy place@CBOE down 21% YTD1 reply 0 retweets 0 likesShow this thread -
The rising tide that's lifted them all over last decade v much over. Not easy to pick out an obvious pattern. But if these anomalies persist for a few more months I can see M&A bankers using this (and cheap debt) to bring out the Exchange Fantasy Playbook again.
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The exchanges with more electronification runway ( $MKTX and $TW) still seen as having room to grow
mature exchanges need growth either through data (hence acquisition spree) or new products / more share in existing products, which is hard
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