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The reasoning isn't all that surprising, if you know a bit of history. Think back to my piece on failed exchange star T.O.M, a startup in a similar place to CG in European options trading.https://frontmonth.substack.com/p/how-exchanges-die-the-story-of-tom …
T.O.M had strong bank & exchange backers, aggressive fees & deep pockets. At one point it had 40% market share in Dutch options & a tech deal with Nasdaq. Why did it fail? It ran out of money, had no vision, & backers lost faith. I think the same thing happened to CG.
Since CG's launch LSE has changed the C-Suite and pulled off a major deal with Refinitiv. It needs money to integrate these businesses, not fund a long-loss-making venture like CG. If 5 years isn't enough time to win, how long is?
The life & death of CG should teach us some lessons: 1) it really is close to impossible to disrupt European derivative trading. Many have tried, nearly all have failed. 2) M&A beats organic growth when entering a new market. 3) Long term vision is extremely important.
CBOE, I'm looking at you! I would love it if an underdog exchange were to finally challenge the incumbent European exchanges. I'm waiting to believe it when I see it. I don't think CBOE Europe will work, and am avoiding the stock.
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