We're reaching the point where the exchanges will start to make more money in options than in cash equities. Stocks are a crowded, competitive business. Options are the opposite - the top 3 exchanges control 85% of the market.
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Very interesting observation but 1/slightly US centric if I may say so and 2/ US option model is the 'exception that proves the rule' because the higher value clearing revenue flows to OCC, not the exchange. Options (and futures) model v diff in Europe and elsewhere, obvs.
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Is the evolving US options model part of your bull case for the stock?
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It is - more so for Nasdaq and CBOE than for ICE. Nasdaq management thinks options volumes will stay high for the foreseeable future, driven by retail:pic.twitter.com/xKb9IKLAwT
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