Plus the data business is far more competitive. Other than a very small number of edge cases (equity options in US and EU and energy), the vast majority of futures and options contracts are effectively regulatory and legal monopolies (Delivering huge benefits to end users).
Many argue an exchange's transaction business is unreliable & not worth a premium, but I don't fully agree.
Take $ICE for example. Energy transaction revenue has grown +7% per year since 2015 - faster than its data subscription businesses. Seems pretty stable & reliable to me:pic.twitter.com/cbcfLXSnKl
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