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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Is the evolving US options model part of your bull case for the stock?
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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Agreed. US equity options a tiny part of the ICE franchise. Very much aware of the Robinhood effect on stocks, interesting that it's spilling over to options aswell. Noting ofc that the PFOF model that has driven the development is not allowed in Europe.
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