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The market is no longer rewarding exchanges equally for diversifying revenue w/market data. It's getting more specific than that. INDEX REVENUE is the hot new thing - cos who focus on it are dominating, those who lack it are falling behind.
Examples: FactSet - desktop data biz LSE/Refinitiv - desktop data biz ICE - bond reference data, NYSE data ALL are lagging the S&P this year MSCI - index focus Nasdaq - index focus S&P Global - index focus ALL are crushing the S&P this year
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