Thanks for the write up. I like the summary of the data biz - its hard to understand the value of ICE’s products if you never interact with them. Im long ICE but i think competition is a real threat - FactSet, SPGI and Bloomberg are all gunning for the same clients and products.
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IDC competes with Bloomberg in evaluated bond pricing but doesn’t really compete with FactSet or SPGI.
Other parts of ICE’s data biz (feeds, desktop applications, etc...) compete with FDS and SPGI. Bloombeg is the main rival in bond pricing, as u point out