Spot on. Migration to Globex has taken time, and longer still for EBS. Some of NEX post trade businesses seem to have gone ex growth. Hence the JV with Markit. But breadth of product coverage and most of the USD F&O markets still a v strong franchise and with so many price points
I like $CME's overall macro story & am long the stock, but BrokerTec is a non-trivial risk investors need to be aware of.
Revenue is nowhere near pre-COVID highs AND Tradeweb is about to enter the D2D space with eSignal & will likely take share.pic.twitter.com/CwBDUKMhzn
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