ICE
Intercontinental Exchange Inc.
stockNYSE

Depends on where the voters were. Eg, ICE was a major priority in South Texas (which had like a 40 point swing). Of course this is America, so issue #1 was affordability - which includes the price of gas, diesel, groceries, healthcare, electricity (data centers) and housing. But yes corruption was a major issue for some, for others it’s Iran, for others it was support for Israel, for others lack of support for Ukraine. This administration managed to do something that pissed off everyone, so we got the biggest midterm wipeout since 1974, right after Watergate. tl;dr - it was EVERYTHING!

# HOW THE FUCK DID YOU GET OUT OF ICE PRISON!!!!?

#Next year we'll get government shutdown for 6+ months when 🥭 will try to double ICE funding and dems want to cut it by half and they can't reach an agreement LMAO🤌

Name me a couple of legal people in ICE prisons you know personally. Keep your political bs off this sub.

I’d compare these by splitting earnings into recurring data/software and clearing or listing fees versus activity-sensitive trading and mortgage tech, then normalize the cyclical pieces across quiet and volatile years. CME and Cboe are useful contrasts because their product and clearing mixes differ, so headline volume alone can mislead. LSEG is another exchange-plus-data model to study, though acquisitions make organic growth and integration worth separating. For Nasdaq and ICE, I’d track recurring revenue growth, retention/pricing, segment margins, and acquisition-related debt. The 24/7 venue could add value, but I’d treat that as an option until adoption and economics show up in filings.

I got my hands on MSCI, SPGI and ICE. Yet to get nasdaq. But i am interested. I think they all have wide moat. AI will help them in one way or another. I dun think it will erode their profitability. I think they may spend into AI to help them in their operations. I not sure what else there is to discuss. Just hope they are cheap and buy them.

Just wondering if any of you are following closely some of the stock exchange and financial data companies other than the usual suspects, S&P Global and MSCI (not that I don't like them but they are heavily covered). I took a closer look at Nasdaq and ICE specifically (had also CME, but I kind of steer away from high dividend-paying companies) **Nasdaq**: Obviously, they catch the passive investing expansion and their relations to tech companies enlisting. What I found a bit more interesting, what separates Nasdaq from others like MSCI. After buying Verafin and Adenza, they started selling softwares that banks use to catch money launderers, detect fraud, and file the endless regulatory reports that governments demand. Finally, Nasdaq just signed the deal to power the first 24/7 US equities ecosystem. On the flipside, of course the AI tailwind as for most software could become a headwind. AI could commeditize their fraud softwares/tools and make it easier for banks and other to create their own. Also, trading remains a brutal price competition. Nasdaq's U.S. derivatives revenue actually fell 12% last quarter despite record industry volumes. **ICE:** It is very different, maybe less exciting than Nasdaq but much more diversified recurring revenue base. They own the New York Stock Exchange, plus a network of futures markets where companies hedge energy, crops and interest rates. When an airline locks in jet fuel prices or a bank hedges oil, it often trades on ICE. They also have behind-the-scenes software that many US lenders use to originate and manage home loans. Around 90% of American mortgages pass through its pipes. You probably had an inch of the possible risk with the last few lines: High mortgage rates keep the mortgage software arm growing at a crawl, and it was bought at high prices, so returns on those deals have been mediocre so far. The energy trading boom is partly driven by geopolitical turmoil; if calm returns, volumes and ICE's fastest-growing revenue could fade and so on. Have you had a closer look at any of these? Any others you want to share (CME? CBOE? LSEG?)