Nasdaq Vs. Intercontinental Exchange: Better Stock To Buy
Summary
- Nasdaq and ICE are world’s two largest exchanges with the highest share of the market cap of listed companies with 23.4% for the NYSE and 22.8% for Nasdaq’s exchanges.
- We compared the contribution of the exchange related transaction revenues to both companies with ICE having a larger segment than Nasdaq.
- We also compared the growth of the data analytics and information services businesses of both companies with ICE growing rapidly.
- Lastly, the profitability and financial position of both companies were analysed with ICE having the highest margins and stable financial position.
- The companies are valued by DCF to obtain an upside of 15.44% for ICE and 3.93% for Nasdaq.
Reptile8488/iStock via Getty Images
Source: ICE, Nasdaq
Nasdaq Inc. (NASDAQ:NDAQ) and Intercontinental Exchange Inc. (NYSE:ICE) both operate the largest exchanges in the world. In this analysis, we analyzed the business of both companies and compared their exchange segments as well as non-trading related segments such as data analytics. We also examine the profitability and financial position of both companies.
The NYSE is operated by ICE and competes against Nasdaq in cash equity, equity options and other securities. While NYSE has the highest share of the market cap of listed companies, the Nasdaq is growing faster with a higher 10-year CAGR in equity trading volume. Besides trading segments, both companies are increasingly expanding into data analytics and other information’s services businesses accounting for more than a third of revenues and providing diversification benefits. In terms of profitability, both companies have consistently maintained high-profit margins over the past 10 years with a solid financial position but we believe ICE to edge out Nasdaq.
Source: Nasdaq, ICE, Khaveen Investments
Nasdaq Exchanges Growth Outpacing ICE
The role of an exchange is to provide a ready and a ready and continuous market for buying and selling securities such as through a platform where shares can be sold and bought by buyers and sellers. Exchanges derive revenues from transaction-based trading and clearing which may include equity derivative trading and clearing, cash equity trading and FICC revenues.
Source: Nasdaq, ICE, Khaveen Investments
The exchange charges transaction fees based on trading volume for trades executed, as well as on orders that are routed to and executed on other market venues. Both ICE and Nasdaq operate the largest exchanges in the US and the world. In terms of size, NYSE is the largest stock exchange by market capitalization of listed companies at $26.64 tln as of August 2021, whereas Nasdaq trails behind at second place with $23.46 tln. Nasdaq US and Nordic exchanges account for 22.8% of the global market cap of listed companies while NYSE represents 23.4%. However, Nasdaq stands out as it has a higher growth rate than ICE.
Source: Statista, Khaveen Investments
In US equities, we compared the two companies in terms of average daily trading volume in US dollars over the past 10 years excluding off exchanges. In total, the average daily trading dollar volume has grown at a CAGR of 7.3% to $479 bln in 2020. While the ICE has a larger average trading volume of $119.3 bln to Nasdaq at $117.65 YTD, Nasdaq’s exchanges (Nasdaq, BX, PHLX) have outpaced that of ICE exchanges including NYSE, Arca, National, Chicago, American with a higher 10-year CAGR of 7.4% to 4.7% for ICE. We estimate based on this 10-year CAGR that Nasdaq’s average trading volume of US equities would comfortably surpass ICE in 2022.
Source: SIFMA, Khaveen Investments
Average Trading Volume of US Equity Growth Rates | 10-year CAGR |
ICE Growth % | 4.7% |
Nasdaq Growth % | 7.4% |
Total Market Growth % | 7.3% |
Source: SIFMA, Khaveen Investments
A significant strength of Nasdaq is its greater share of IPOs as a listing exchange. In the past 10 years, Nasdaq had a higher count of IPOs than the NYSE exchanges except only in 2012. Nasdaq has attracted companies in the tech sector in particular such as Apple, Microsoft, Oracle, Intel and more. In addition, Nasdaq has a cost advantage compared to the NYSE with lower initial fees. Nasdaq has several options including Nasdaq Capital Market, Nasdaq Global Select Market and Nasdaq Global Market For example, the NYSE has an initial fee of between $150,000 to $295,000 compared to Nasdaq Capital Market which is $55,000 to $80,000. Moreover, the NYSE charges an annual fee on a per-share basis with a minimum of $71,000 annually whereas Nasdaq companies pay between $43,000 to $77,000 annually.
Source: Nasdaq
Comparing both company’s revenues earned from exchanges, we find that ICE’s Transaction and Clearing Revenue has outpaced Nasdaq’s Market Services segment growth rate in the past 10 years at 4.8% for Nasdaq and 20.9% for ICE. This is mainly due to the acquisition activity of ICE when it acquired NYSE Euronext for $11 bln and saw its revenue growing by 125.7% in 2014. Following that, the segment has grown at a 5-year CAGR of 2.4%.
Nasdaq vs ICE Exchanges Revenue | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
Nasdaq Market Services | 2,886 | 2,206 | 2,092 | 2,247 | 2,084 | 2,255 | 2,418 | 2,709 | 2,639 | 3,832 |
Nasdaq Market Services Growth % | 6.9% | -23.6% | -5.2% | 7.4% | -7.3% | 8.2% | 7.2% | 12.0% | -2.6% | 45.2% |
ICE Transaction and Clearing Revenue | 1,176 | 1,185 | 1,393 | 3,144 | 3,228 | 3,384 | 3,131 | 3,483 | 3,627 | 4,881 |
ICE Transaction and Clearing Revenue Growth % | 15.0% | 0.8% | 17.6% | 125.7% | 2.7% | 4.8% | -7.5% | 11.2% | 4.1% | 34.6% |
Source: Nasdaq, ICE, Khaveen Investments
Thus, we projected both companies’ trading revenue growth based on a 5-year historical CAGR excluding 2020 for a more stable growth rate because of the surge in capital markets activity in that year. For ICE, we forecasted its transaction and clearing revenue growth on the 5-year CAGR of 2.4% from 2022 through 2025. Whereas we forecasted a 4.8% growth rate of Nasdaq’s Market Services segment.
ICE Revenue Projections ($ mln) | 2018 | 2019 | 2020 | 2021F | 2022F | 2023F | 2024F | 2025F |
Transaction and Clearing Revenue | 3,483 | 3,627 | 4,881 | 4,828 | 4,942 | 5,058 | 5,178 | 5,300 |
Transaction and Clearing Revenue Growth % | 11.2% | 4.1% | 34.6% | -1.1% | 2.4% | 2.4% | 2.4% | 2.4% |
Source: ICE, Khaveen Investments
Nasdaq Revenue Projections ($ mln) | 2018 | 2019 | 2020 | 2021F | 2022F | 2023F | 2024F | 2025F |
Market Services | 2,709 | 2,639 | 3,832 | 4,034 | 4,229 | 4,434 | 4,649 | 4,874 |
Market Services Growth % | 12.0% | -2.6% | 45.2% | 5.3% | 4.8% | 4.8% | 4.8% | 4.8% |
Source: Nasdaq, Khaveen Investments
Overall, we believe that Nasdaq wins out ICE with the former growing at a higher growth rate in US trading volumes and trading related revenue.
Company | Nasdaq | ICE |
Share of Market Cap of Listed Equities | 21% | 23% |
10-year Average Trading Volume of US Equity Growth Rates | 7.4% | 4.7% |
5-year Trading Related Revenue CAGR | 4.8% | 2.4% |
Source: ICE, Nasdaq, Khaveen Investments
ICE's Superior Ancillary Information Services and Data Analytics Revenue Growth
Exchanges traditionally earn revenues primarily from transaction-based activities by matching buyers and sellers. However, exchanges are diversifying into various ancillary services such as providing market data, index, analytics and more. Compared to trading revenues which are relatively more volatile and is influenced by trading volumes, these business segments are typically subscription-based and are recurring. From 2005 to 2019, the total market revenue from information services of exchanges has grown at a CAGR of 12.6% to $6 bln in 2019. In leading exchanges, the share of data and other services has steadily increased.
Source: FT
Nasdaq’s non-transaction-based revenues are split into a few segments, namely Corporate Platforms which includes listing and IR & ESG services, Investment Intelligence consists of market data, index and analytics businesses and Market Technology. Among its segments, Investment Intelligence is the largest with a 16.1% share of its total 2020 revenue. Market Data business sells and distributes historical and real-time market data. Whereas its Index business develops and licenses Nasdaq-branded indexes and financial products. Its flagship Nasdaq 100 Index is tracked by 70 ETPs with $200 bln in AUM. Lastly, the Analytics business provides financial institutions with information to make decisions. In 2020, it acquired Solovis to bolster its analytics, reporting and multi-asset class portfolio management tools and complement its acquisition of data analytics specialist eVestment. We tabulated Nasdaq’s Corporate Platforms, Investment Intelligence and Market Technology segments with its revenue contribution, 5-year average revenue growth excluding significant acquisitions and its respective share of revenues.
Nasdaq Segments | Revenues ($ mln) | 5-Year CAGR | Share of Revenues |
Corporate Platforms | 530 | 4.0% | 9.4% |
Investment Intelligence | 908 | 12.3% | 16.1% |
Market Technology | 357 | 4.3% | 6.3% |
Total non-Market Services Segments | 1,795 | 6.5% | 31.9% |
Source: Nasdaq, Khaveen Investments
In comparison, ICE’s segments include data services and listings. Its exchange data services include proprietary real-time and historical pricing data, as well as order book and transaction information related to the NYSE exchanges. The strength of its listing business is that NYSE is the global leader in ETF listings with 75% or $ 4 tln of ETF AUM in 2020. In 2020, the company introduced new reportable segments including the mortgage technology business which provides title and servicing information for mortgage lenders, servicers, and borrowers. It also provides mortgage services to mortgage lenders through its acquisition of Ellie Mae in 2021 for $11 bln with revenues of $0.9 bln (10% of total revenues). Lenders rely on Ellie Mae to securely manage and facilitate the exchange of data across the ecosystem to enable the origination of mortgages.
ICE Segments | Revenue | 5-year CAGR | Share of Revenues % |
Data Services | 2,322 | 4.1% | 28.2% |
Listings | 446 | 2.0% | 5.4% |
Other revenues | 595 | 10.1% | 7.2% |
Total non-transaction and clearing revenue | 3,363 | 13% | 40.8% |
Source: ICE, Khaveen Investments
ICE’s high growth in this segment is driven by its acquisition activity. In the past 20 years, the company has made 19 acquisitions excluding the NYSE Euronext, Euroclear and Chicago Stock Exchange deals to build on its data and analytics capabilities including Ellie Mae, Simplifile, MERSCorp, IDC, Endex, etc. For comparison, Nasdaq has made 12 acquisitions excluding the Boston and Philadelphia exchanges including Verafin, Solovis, Quandl, etc.
Source: ICE
For Nasdaq, we projected its Corporate Platforms, Investment Intelligence and Market Technology segment revenues in 2021 based on prorated quarterly results and based on its average 5-year revenue growth rate of 0.8%, 9.9% and 8.4% from 2022 through 2025.
Nasdaq Revenue Projections ($ mln) | 2018 | 2019 | 2020 | 2021F | 2022F | 2023F | 2024F | 2025F |
Corporate Platforms | 487 | 496 | 530 | 618 | 643 | 668 | 695 | 723 |
Growth % | -25.8% | 1.8% | 6.9% | 16.6% | 4.0% | 4.0% | 4.0% | 4.0% |
Investment Intelligence | 714 | 779 | 908 | 1042 | 1,123 | 1,211 | 1,306 | 1,408 |
Growth % | 21.4% | 9.1% | 16.6% | 14.8% | 7.8% | 7.8% | 7.8% | 7.8% |
Market Technology | 270 | 338 | 357 | 434 | 453 | 472 | 492 | 513 |
Growth % | -10.9% | 25.2% | 5.6% | 21.6% | 4.3% | 4.3% | 4.3% | 4.3% |
Source: Nasdaq, Khaveen Investments
For the data services and listing segments, we projected its growth based on its average 5-year revenue growth respectively. The other revenues primarily consist of its mortgage technology solutions which we applied a forecasted CAGR of 11.6% of the global lending software market through 2025.
ICE Revenue Projections | 2018 | 2019 | 2020 | 2021F | 2022F | 2023F | 2024F | 2025F |
Data services | 2,115 | 2,211 | 2,322 | 2442 | 2,542 | 2,646 | 2,755 | 2,868 |
Growth % | 1.5% | 4.5% | 5.0% | 5.2% | 4.1% | 4.1% | 4.1% | 4.1% |
Listings | 444 | 426 | 446 | 466 | 475 | 485 | 495 | 505 |
Growth % | -1.1% | -4.1% | 4.7% | 4.5% | 2.0% | 2.0% | 2.0% | 2.0% |
Other revenues | 234 | 260 | 595 | 1,390 | 1,551 | 1,731 | 1,932 | 2,156 |
Growth % | 15.8% | 11.1% | 128.8% | 133.6% | 11.6% | 11.6% | 11.6% | 11.6% |
Source: ICE, Khaveen Investments
All in all, as both companies expand and diversify into data analytics and information service businesses, we believe that ICE edges out over Nasdaq with its series of acquisitions driving higher growth in its non-transaction & clearing business segments.
Company | Nasdaq | ICE |
Non-trading and Transaction-based Segment Average 5-year Growth | 6.5% | 13% |
Acquisitions of data analytics and other information services | 12 | 19 |
Source: ICE, Nasdaq, Khaveen Investments
ICE's Strong Profitability and Nasdaq's Solid Financial Position
In terms of profitability, both companies have strong and stable profitability over the past 10 years. However, ICE edges out Nasdaq in gross and net margins with a higher 10-year average of 82.19% compared to 57.49% for Nasdaq’s gross margins and higher net margins of 29.72% to 12.57% for Nasdaq. This is due to the larger cost of revenues as a % of total revenues for Nasdaq from transaction-based expenses of 44.8% compared to 20% for ICE. Notwithstanding, Nasdaq has higher FCF margins than ICE at 6.63% on average compared to -5% for ICE as the company pursued several acquisitions.
Company | Gross Margins | Net Margins | FCF Margins |
Nasdaq | 57.49% | 12.57% | 6.63% |
ICE | 82.19% | 29.72% | -5.01% |
Source: ICE, Nasdaq, Khaveen Investments
Nasdaq’s average revenue growth in the past 10 years was 6.15%. Its gross margins have been consistently stable over the past 10 years except in 2020. In addition, its net margins are slowly rising with greater operating efficiencies.
Source: Nasdaq, Khaveen Investments
In comparison, ICE’s average revenue growth has been 27.99% in the past 10 years with the series of acquisitions made by the company. While ICE’s gross margins have steadily declined with intense competition with Nasdaq, the company’s net margins have remained relatively stable.
Source: ICE, Khaveen Investments
Furthermore, Nasdaq has a higher average FCF margin of 6.6% in the past 10 years compared to -5% for ICE. The company has strong operating cash flows and acquired several companies such as electronic Treasuries-trading platform eSpeed for $1.23 bln in 2013, ISE in 2016 for $1.1 bln from Deutsche Börse Group, content and analytics provider eVestment in 2018 for $705 mln. In terms of capex excluding acquisitions, the company has a 10-year average of only 1.4% of fixed assets which highlights the asset light business model of the exchange operators.
Source: Nasdaq, Khaveen Investments
In comparison, ICE has a lower 10-year average FCF margin with several notable acquisitions. It has acquired NYSE Euronext in 2013 for $11 bln, data services specialist IDC for $5.2 bln in 2015, Ellie Mae for $11 bln in 2020. Its capex excluding acquisitions is lower than Nasdaq at only 0.8% of fixed assets on average in the past 10 years.
Source: ICE, Khaveen Investments
Both companies have strong profitability over the past 10 years and cash-generating abilities. We expect both leading companies to continue to maintain strong profitability going forward as they integrate their acquisitions to enhance their leading capabilities. Though, we believe that ICE edges out Nasdaq in terms of profitability despite the lower FCF margin due to its acquisition activities. Also, ICE has higher ROE and ROCE than Nasdaq which indicates higher efficiency of capital use. Though, Nasdaq has a higher ROA than ICE.
Company | ROA | ROE | ROCE |
Nasdaq | 3.8% | 9.2% | 10.8% |
ICE | 2.0% | 11.5% | 12.2% |
Source: ICE, Nasdaq, Khaveen Investments
In terms of their financial position, ICE has a larger net debt position than Nasdaq as the company is larger. As a percentage of market cap, their net debt levels are fairly similar at 24.7% for ICE and 24.6% for Nasdaq. Notwithstanding, ICE’s EBITDA interest coverage ratio has declined over the past 10 years from 30.3x in 2011 to 10.7x in 2020. This is in contrast to Nasdaq which saw its EBITDA interest coverage climb over the past 10 years to 15.9x in 2020 versus 8.2x in 2011 due to its increasing profitability.
Company | Debt ($ mln) | Cash ($ mln) | Net Debt ($ mln) | Net Debt % of Market Cap |
Nasdaq | 11,368 | 2,745 | 8,623 | 25.6% |
ICE | 18,574 | 583 | 17,991 | 24.7% |
Source: ICE, Nasdaq, Khaveen Investments
Overall, ICE edges out Nasdaq based on our selected key financial ratios which we classified into profitability, efficiency and financial position. For profitability, ICE’s higher gross and net margins indicate its superior profitability despite Nasdaq having a higher FCF margin. Moreover, ICE’s greater efficiency is highlighted with its higher ROE and ROCE ratios but Nasdaq has a higher ROA ratio than ICE. In terms of financial position, Nasdaq wins over ICE with its lower debt and higher cash balances leading to a lower net debt than ICE. Though, in terms of net debt as a % of percentage, ICE is slightly lower than Nasdaq.
Company | Nasdaq | ICE |
Profitability Ratios | 1/3 | 2/3 |
Efficiency Ratios | 1/3 | 2/3 |
Financial Position | 3/4 | 1/4 |
Source: ICE, Nasdaq, Khaveen Investments
Risk of Regulatory Pressures on Market Data Businesses
These exchanges have market data businesses that sell and distributes historical and real-time market data to the sell-side, the institutional investing community, retail online brokers, proprietary trading shops, other venues, internet portals and data distributors. In 2018, the SEC prevented exchanges from raising their fees as these exchanges did not provide enough assurance that it will result in fees that are fair and reasonable, not unreasonably discriminatory. The exchanges said the change in fees were needed because of the consolidation and mergers within the brokerage industry. For example, the merger of TD Ameritrade and Scottrade combined two large brokerages. However, the exchanges have successfully appealed the decision in 2020 arguing against attempts to overregulate the market. Nonetheless, the regulatory pressures from the SEC are expected to remain high against these exchanges with the rising cost of data to clients. The fee structure for market data is complex with various types of fees such as access, non-display, enterprise and redistribution fees. According to SIFMA, the price increases for NYSE for individual firms range between 967% to 2,916% to get the same data in 2018 from 2010. As regulatory pressure mount on exchange operators, we believe that action against these companies could impact its revenue growth for its market data businesses.
Valuation
To value the companies, we applied a DCF valuation as both companies have strong cash generation abilities. For our industry average, we selected peers in the financial exchange market to derive an average EV/EBITDA of 22.78x.
Company | EV/EBITDA |
Nasdaq | 22.22x |
Intercontinental Exchange Inc | 21.75x |
CBOE Global Markets | 16.37x |
CME Group | 27.16x |
London Stock Exchange Group | 27.75x |
Hong Kong Exchanges and Clearing Limited | 35.59x |
Japan Exchange Group, Inc. | 14.75x |
Deutsche Börse AG | 16.62x |
Average | 22.78x |
Source: SeekingAlpha, Khaveen Investments
Nasdaq Valuation
For Nasdaq’s revenue projections, we projected its Market Services, Corporate Platforms, Investment Intelligence and Market Technology segment revenues in 2021 based on prorated quarterly results and based on its average 10-year revenue growth rate of 4.8%, 0.8%, 9.9% and 8.4% from 2022 through 2025. In total, we see its revenues growing to $7.6 bln by 2025.
Nasdaq Revenue Projections ($ mln) | 2018 | 2019 | 2020 | 2021F | 2022F | 2023F | 2024F | 2025F |
Market Services | 2,709 | 2,639 | 3,832 | 4,034 | 4,229 | 4,434 | 4,649 | 4,874 |
Market Services Growth % | 12.0% | -2.6% | 45.2% | 5.3% | 4.8% | 4.8% | 4.8% | 4.8% |
Corporate Platforms | 487 | 496 | 530 | 618 | 643 | 668 | 695 | 723 |
Growth % | -25.8% | 1.8% | 6.9% | 16.6% | 4.0% | 4.0% | 4.0% | 4.0% |
Investment Intelligence | 714 | 779 | 908 | 1042 | 1,123 | 1,211 | 1,306 | 1,408 |
Growth % | 21.4% | 9.1% | 16.6% | 14.8% | 7.8% | 7.8% | 7.8% | 7.8% |
Market Technology | 270 | 338 | 357 | 434 | 453 | 472 | 492 | 513 |
Growth % | -10.9% | 25.2% | 5.6% | 21.6% | 4.3% | 4.3% | 4.3% | 4.3% |
Total Revenues | 4,277 | 4,262 | 5,627 | 6,128 | 6,448 | 6,786 | 7,142 | 7,518 |
Total Growth % | 7.9% | -0.4% | 32.0% | 8.9% | 5.2% | 5.2% | 5.3% | 5.3% |
Source: Nasdaq, Khaveen Investments
Based on a discount rate of 8.9%, our model shows an upside of 3.93% for Nasdaq.
Source: Khaveen Investments
ICE Valuation
For ICE’s revenue projections, we based its 2021 revenue growth on prorated quarterly results and assumed its transaction and clearing revenues to grow at 2.4% through 2025 based on a 5-year CAGR following the acquisition of NYSE. For the data services and listing segments, we projected its growth based on its average 4- and 6-year revenue growth respectively. The other revenues primarily consist of its mortgage technology solutions which we applied a forecasted CAGR of 11.6% of the global lending software market through 2025. Overall, we see its revenues growing to $10.86 bln.
ICE Revenue Projections | 2018 | 2019 | 2020 | 2021F | 2022F | 2023F | 2024F | 2025F |
Transaction and Clearing Revenue | 3,483 | 3,627 | 4,881 | 4,828 | 4,942 | 5,058 | 5,178 | 5,300 |
Transaction and Clearing Revenue Growth % | 11.2% | 4.1% | 34.6% | -1.1% | 2.4% | 2.4% | 2.4% | 2.4% |
Data services | 2,115 | 2,211 | 2,322 | 2442 | 2,542 | 2,646 | 2,755 | 2,868 |
Growth % | 1.5% | 4.5% | 5.0% | 5.2% | 4.1% | 4.1% | 4.1% | 4.1% |
Listings | 444 | 426 | 446 | 466 | 475 | 485 | 495 | 505 |
Growth % | -1.1% | -4.1% | 4.7% | 4.5% | 2.0% | 2.0% | 2.0% | 2.0% |
Other revenues | 234 | 260 | 595 | 1,390 | 1,551 | 1,731 | 1,932 | 2,156 |
Growth % | 15.8% | 11.1% | 128.8% | 133.6% | 11.6% | 11.6% | 11.6% | 11.6% |
Total Revenue | 6,276 | 6,524 | 8,244 | 9,126 | 9,511 | 9,921 | 10,360 | 10,829 |
Total Growth % | 7% | 4% | 26% | 10.7% | 4.2% | 4.3% | 4.4% | 4.5% |
Source: ICE, Khaveen Investments
Based on a discount rate of 7.1%, our model shows an upside of 15.5% for ICE.
Source: Khaveen Investments
In summary, the table below shows our price targets for Nasdaq and ICE derived from a DCF valuation.
Company | Rating | Target Price | Upside |
ICE | Buy | $149.44 | 15.5% |
Nasdaq | Hold | $211 | 3.93% |
Source: Khaveen Investments
Verdict
In conclusion, we compared ICE and Nasdaq as the two leading exchange operators in the world. While both companies are fairly similar with a stable growth outlook and healthy profitability, we believe that ICE narrowly edges out Nasdaq as the better financial exchange company due to its market leadership through the NYSE as the largest exchange in the world, a growing non-trading related business segments with acquisitions of various data analytics and information services companies and robust profitability and a healthy financial position. We obtained an upside of 15.92% for ICE despite a slightly lower growth outlook than Nasdaq as the company has a strong cash generation that it uses to fund its acquisitions to enhance its capabilities. Also, ICE has a slightly lower EV/EBITDA multiple relative to the industry and the Nasdaq. Nasdaq’s stock has rallied by 53% YTD while ICE has lagged and only increased by 16%. Overall, we rate ICE as a Buy with a target price of $149.44 and Nasdaq as a Hold with a target price of $211.
This article was written by
Analyst’s Disclosure: I/we have a beneficial long position in the shares of ICE, NDAQ either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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