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Quick ICE vs. CME volume thread with Q3 data out & all the energy chaos beginning to impact the stocks. TLDR: ICE's exposure to global gas & LNG is giving it a leg up on CME but CME's US rates franchise is beating ICE's more muted EU rates growth.pic.twitter.com/xwBhgkVKLR
Energy: Both exchanges have large natural gas futures franchises but ICE's is an EU business whereas CME is primarily US. The UK gas crisis is showing up more clearly in ICE's YoY growth figures. CME +14% YoY ICE +23% YoYpic.twitter.com/mkj9dhhk8d
Ags & Metals: Markets are relatively small & sleepy across both exchanges, but CME's results are particularly poor. CME is exposed to "hard" commodities like corn/soybeans, ICE is more "soft" commodities like sugar, coffee & cocoa. CME -30% YoY ICE -12% YoYpic.twitter.com/sHAL3pB38Y
Financials: these charts matter way more for CME than ICE, and luckily CME wins in this category. Fed policy uncertainty & micro futures growth is helping CME's results - ICE's EU rates products aren't doing much in comparison. CME +18% ICE +3%pic.twitter.com/nnuGbX6yH2
I think both stocks can have a good Q4 based on their respective exposures & catalysts.
ICE energy volumes should 
with cold weather & supply chain issues keeping the gas market hot.
CME can benefit from a more hawkish Fed & a resurgence in equity market volatility.
Fin
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