ICE’s financials is Euribor/Sterling/Libor rates. Challenging place to be with zero/negative rates.
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Absolutely. Their rates business has been suppressed for years now with constant central bank printing. Luckily its only 6% of revenue so not a huge detractor but certainly a headwind.
End of conversation
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From what I recall the comparisons from Q219 are challenging so YoY will optically look worse...
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Since June, ICE has modestly underperformed the market on this volume weakness: