dealraker Posted February 11 Posted February 11 10 minutes ago, Marco Van Basten said: Why? Are the same fools that bought Refinitiv still running the show? Thank you. LOL...Marco you are an hyper-intense very opinionated guy (nothing wrong with that) and I am an endless everything's in the gray area type. I'm simply reproducing behaviors that have worked for me for 50 years. LOL, who the hell knows!?
Spekulatius Posted February 11 Posted February 11 I like DB1 (Deutsche Boerse ) better than LSEG and think it’s better managed. If I want exposure to the data side, I would just buy more FDS (have a small position )
dealraker Posted February 12 Posted February 12 32 minutes ago, Spekulatius said: I like DB1 (Deutsche Boerse ) better than LSEG and think it’s better managed. If I want exposure to the data side, I would just buy more FDS (have a small position ) Bought Deutsche Boerse too Spek.
Marco Van Basten Posted February 12 Posted February 12 1 hour ago, Spekulatius said: I like DB1 (Deutsche Boerse ) better than LSEG and think it’s better managed. If I want exposure to the data side, I would just buy more FDS (have a small position ) Does Deutsche Börse have any revenue growth? Any opportunities for revenue and margin expansion? Thank you.
Spekulatius Posted February 12 Posted February 12 11 minutes ago, Marco Van Basten said: Does Deutsche Börse have any revenue growth? Any opportunities for revenue and margin expansion? Thank you. Check out their latest investor day transcript. They want to grow revenues by 8% annually with only 3% expense growth. I believe this includes inorganic growth like the latest acquisition.
dealraker Posted February 12 Posted February 12 23 minutes ago, Spekulatius said: Check out their latest investor day transcript. They want to grow revenues by 8% annually with only 3% expense growth. I believe this includes inorganic growth like the latest acquisition. Thanks Ralf.
gfp Posted February 13 Posted February 13 Investor AB nibbling on NDAQ https://www.sec.gov/Archives/edgar/data/1120193/000119312526051227/xslF345X03/ownership.xml
Saluki Posted February 13 Posted February 13 I thought of something interesting that might benefit CME (or possibly ICE, as the darkhorse). There is requirement coming at the end of 2026, and another in 2027 that will require repos and reverse repos of treasuries to be cleared. It used to be a 2 party thing, but the market seized up during the great financial crisis, so they want it cleared now. The most likely place to do it is DTCC, which isn't public and it's jointly owned by the member banks. But one of the other players gunning for the business is CME. Their pitch is that if you are trading other products on the CME, then you can use cross-margining when you clear this on their clearing house. I don't know what the fees would be, but the volume is huge.
schin Posted February 15 Posted February 15 Does anyone have any examples of markets that died? They probably got taken over/purchased. But, what is the case study of long standing exchanges that withered away?
Spekulatius Posted February 15 Posted February 15 3 hours ago, schin said: Does anyone have any examples of markets that died? They probably got taken over/purchased. But, what is the case study of long standing exchanges that withered away? Most exchanges that are drying up in volume just get mergerd. I think there was a Philadelphia stock exchange and one in San Francisco. In Germany, there were small stock exchanges in Berlin, Stuttgart and Hamburg for example. I went a few times to the exchange in Berlin, which was only open for like 90min a day and you could see the dealers screaming to each other - like “1000 Röhren” (Röhren were Mannesmann share because they used to make steel tubes before they went into hydraulics and got the Mobile Phone license). It was fun to see how the sausage was made in this chaos.
Saluki Posted February 16 Posted February 16 9 hours ago, schin said: Does anyone have any examples of markets that died? They probably got taken over/purchased. But, what is the case study of long standing exchanges that withered away? Spek is correct that they usually get absorbed. The one stock one that I can think is AMEX, which merged into the NYSE. And as far as commodities/derivatives, Kansas City Board of Trade, CBOT and NYMEX all were merged into the CME.
schin Posted February 17 Posted February 17 On 2/15/2026 at 7:26 PM, Saluki said: Spek is correct that they usually get absorbed. The one stock one that I can think is AMEX, which merged into the NYSE. And as far as commodities/derivatives, Kansas City Board of Trade, CBOT and NYMEX all were merged into the CME. @Spekulatius @Saluki - Thanks for the replies. Many of these exchanges have been on an acquisition spree... so, getting speciality markets like Philadelphia Stock Exchange, AMEX into NYSE was part of their roll-up strategy. It make senses. I would suppose there are legacy whale oil exchanges that obsoleted themselves along the way. I was looking for distressed sales like Bear Stearn or Lehman Bros crisis situations, where you are getting pennies on the dollar... if at all. Those specialty exchanges acquisition seem to work out well for most of their shareholders.... which is a good thing.
formthirteen Posted February 19 Posted February 19 LSEG's bad management is an opportunity with a catalyst. Elliott Management is pushing for changes over the next 12 months. Market cap ~£39B EV ~£45B EV - TW (~£10B, ~20% of EV) - buybacks (~£5B, ~10% of EV) They could get rid of Refinitiv and management / board too and the the stock and margins would go up.
Marco Van Basten Posted February 19 Posted February 19 So, let's talk about their business. What % of revenues and profits come from a unique, proprietary offering that cannot be replicated, and what will be the growth rate there? How much comes from repacking other data and what are the prospects for it?
Saluki Posted February 19 Posted February 19 On 2/16/2026 at 11:46 PM, schin said: @Spekulatius @Saluki - Thanks for the replies. Many of these exchanges have been on an acquisition spree... so, getting speciality markets like Philadelphia Stock Exchange, AMEX into NYSE was part of their roll-up strategy. It make senses. I would suppose there are legacy whale oil exchanges that obsoleted themselves along the way. I was looking for distressed sales like Bear Stearn or Lehman Bros crisis situations, where you are getting pennies on the dollar... if at all. Those specialty exchanges acquisition seem to work out well for most of their shareholders.... which is a good thing. Apropos of this post, back when the Philadelphia Stock Exchange was still around, I remember getting some swag from their booth at an industry conference. It was a children's shirt, that I gave to my niece, which said "Short Seller". Nobody who worked outside finance got the meaning, but random people in suits would laugh and give her a high five.
gfp Posted February 19 Posted February 19 On 2/13/2026 at 3:41 PM, gfp said: Investor AB nibbling on NDAQ https://www.sec.gov/Archives/edgar/data/1120193/000119312526051227/xslF345X03/ownership.xml Another insider buy on the dip for NDAQ ~$960k https://www.sec.gov/Archives/edgar/data/1940145/000119312526059323/xslF345X03/ownership.xml
formthirteen Posted February 24 Posted February 24 Quote Pre-Refinitiv LSEG was ~£2.7B revenue. Post-acquisition it's ~£8.9B. Data & Analytics at ~60% of £8.9B = ~£5.3B. That's almost exactly the Refinitiv bolt-on. The legacy LSEG business was the exchange, LCH clearing, and FTSE Russell -- the fortress segments. They paid $27B for it. ROIC went from 14.8% to 1.8%. And now the segment they overpaid for is the one facing AI headwinds.
gfp Posted March 3 Posted March 3 1 minute ago, Rainier said: Does anyone know why JPXGY is down 7% today? you may have heard about the hot war in the middle east that caused most Japanese stocks to fall last night. something about oil and inflation and worries and risk premiums...
Rainier Posted March 3 Author Posted March 3 3 minutes ago, gfp said: you may have heard about the hot war in the middle east that caused most Japanese stocks to fall last night. something about oil and inflation and worries and risk premiums... Yeah, just wondering if there is something specific for JPXGY. None of the other exchanges I hold are down that much. Some are up.
Saluki Posted March 12 Posted March 12 (edited) Listening to a webinar now on position limits and I learned something. If you violate a position limit (on commodities), not only can the exchange fine you, but they can make you disgorge the gains from the trade. It doesn't go to the counterparty, the exchange keeps that money Unfortunately, the large exchange who was talking about it said that they collected $5mm last year. It's free money, but it's not a big line item in the grand scheme of things. EDIT: One of the exchanges just said that they donate that disgorgement money to a charity, they don't keep it, the other guy from a different exchange claimed not to know. Edited March 12 by Saluki
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