The closer we get to 2021, the more convinced I am that exchange EPS estimates are too low. Explanations below:
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I feel like VIRT is pretty cheap given the dividend, and place in the market. The common knock is vol normalizes. How can they combat that/do they need to?
Long term they combat it by moving into new products/markets over time. Most of their market making $ comes from US equities - they can expand further into options, ETFs, futures, Asia markets, etc...
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Certainly agree there. The ITG acquisition was a good start. Bullish on the sector as a whole like you - should be fun to watch.
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