Capital Light Market Infrastructure & Exchanges
Key Tickers: S&P Global (SPGI), Intercontinental Exchange (ICE), CME Group (CME)
Core Thesis: Financial infrastructure providers operate tollbooth-style business models with exceptional profit margins. Regardless of market direction, trading volume, credit rating demand, and index licensing produce consistent recurring revenue.
Key Metrics to Track: Operating Margin, Recurring Revenue %, Volume/Transaction growth.
Key Tickers: S&P Global (SPGI), Intercontinental Exchange (ICE), CME Group (CME)
Core Thesis: Financial infrastructure providers operate tollbooth-style business models with exceptional profit margins. Regardless of market direction, trading volume, credit rating demand, and index licensing produce consistent recurring revenue.
Key Metrics to Track: Operating Margin, Recurring Revenue %, Volume/Transaction growth.