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Largest Stock Exchanges Public Companies in the US
Benchmark revenue and EBITDA valuation multiples for public comps like
CME Group, Intercontinental Exchange, Nasdaq, Cboe Global Markets and MIAX.
 | Based in Chicago, CME Group operates exchanges giving investors, suppliers, and businesses the ability to trade futures and derivatives based on interest rates, equity indexes, foreign currencies, energy, metals, and commodities. The Chicago Mercantile Exchange was founded in 1898 and in 2002 completed its IPO. Since then, CME Group has consolidated parts of the industry by merging with crosstown rival CBOT Holdings in 2007 before acquiring Nymex Holdings in 2008 and NEX in 2018. In addition, the company has a 27% stake in S&P Dow Jones Indices, making the Chicago Mercantile Exchange the exclusive venue to trade and clear S&P futures contracts. Through CME's acquisition of NEX, it also expanded into cash foreign exchange, fixed-income trading, and collateral optimization. | $251 | -9% | $91B | $91B | 14.0x | 15.7x | ||
| Intercontinental Exchange is a vertically integrated operator of financial exchanges and provides ancillary data products. Though the company is probably best known for its ownership of the New York Stock Exchange, which it acquired in 2013, ICE operates a large derivatives exchange, too. The company's largest commodity futures product is the ICE Brent crude futures contract. In addition to the exchanges business, which is about 54% of net revenue, Intercontinental Exchange has used a series of acquisitions to create its mortgage technology business (22% of net revenue) and fixed-income and data-services segment (24% of net revenue). | $142 | -22% | $81B | $98B | 7.7x | 14.5x | ||
| Founded in 1971, Nasdaq is primarily known for its equity exchange, but in addition to its trading business (about 22.5% of sales), the company sells market and financial data to investors, offers Nasdaq-branded indexes, and lists companies through its capital access segment (42.5%). Nasdaq's newest segment, financial technology, was primarily constructed through the acquisitions of Verafin and Adenza and has expanded the company into capital management, financial crime, and regulatory compliance software (35%) as it seeks to become a diversified technology company. | $88 | -2% | $50B | $57B | 6.9x | 18.1x | ||
| Founded in 1973, Cboe controls the largest option exchange in the US, which provides around 60% of the firm's revenue. The company is best known for its proprietary S&P 500 and VIX index options, which it offers through an exclusive contract with S&P Global. The firm moved into US and European equities through the $3.4 billion acquisition of BATS in 2017. Cboe has continued to look to expand internationally, using acquisitions to build a presence in both Canada and Australia. | $276 | +18% | $29B | $28B | 6.0x | 16.2x | ||
| Miami International Holdings Inc is a technology-driven leader in building and operating regulated financial marketplaces across multiple asset classes and geographies. Its MIAX Exchange marketplaces are enabled by its in-house built, proprietary technology. It maintains a broad portfolio of U.S. exchange and clearing licenses, in both securities and futures. The company operates markets across a diverse number of asset classes including options and cash equities as well as futures and options on futures. | $43 | -- | $4B | $3B | 2.6x | 17.8x | ||
| OTC Markets Group Inc operates financial markets for securities in the U.S. and globally. The firm mainly operates OTCQX best market, OTCQB venture market and Pink open market. It has OTC link ATS, market data licensing and corporate services business lines. The activities of these business lines encompass quotation and trade messaging services, network-based platform, access to market data, a suite of market data licenses and disclosure and information services. It derives a majority of its revenue from the U.S. | $53 | -7% | $639M | $603M | - | - | ||
| Median | $115 | -7% | $39B | $43B | 6.9x | 16.2x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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