@staffordphilip @HideNotSlide
Market infrastructure stocks setting up for an interesting Q3 reporting season. Charts of @CMEGroup @DeutscheBoerse and @CBOE look quite ugly. Now we see why @ICE_Markets paid the premium for Ellie Mae.
100% agreed. Exchanges with too much exposure to trading volumes are suffering as rates & volatility trading lags. Investors pay up for certainty, and whats more certain than selling data others are forced to buy?
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You wonder how bad Q3 has been. Look at interdealer broker comments, trading awful. DB1 has really dropped back, CBOE too. At these levels, perhaps bad news in the price.
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M&A activity also a factor.
End of conversation
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Agreed except data market feels somewhat overplayed to me. That’s why I think ICE has changed reporting segments.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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