Why some exchanges are true franchises—and others are just platforms
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 23 2025
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Exchange Business Models: Global exchanges like CME, ICE, Nasdaq, and Cboe vary significantly in their business models; CME and ICE have strong market positions with durable advantages, while Nasdaq faces challenges from new trading systems, and Cboe lacks the scale of its competitors.
Key Insights: CME dominates futures and clearing, ICE benefits from diversification, Nasdaq's core trading is under threat, and Cboe specializes in options but lacks infrastructure compared to others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
