Executive Summary
Between 2019 and 2024, exchanges entered a new competitive phase characterized by an increase in diversification through acquisitions in fintech and data. This strategic change has resulted in strong revenue performance for most of the active acquisition exchanges, but it has also created structural challenges: declining operating margins and integration. LSEG, Deutsche Börse, Nasdaq, and ICE each pursued a unique strategic focus: LSEG on data, Deutsche Börse on buy-side investment management solutions, Nasdaq on RegTech, and ICE on mortgage technology.
Regarding core trading activities, across all geographies, incomes grew at a CAGR below 10% between 2019 and 2025, with only a few exchanges—NSE, TWSE, Cboe, and BIST, among others—managing to achieve organic growth above their peers’ averages. However, each remains exposed to market volatility and transaction fee revenues.
On the other hand, ICE, which ventured into mortgage technology, and B3, which made acquisitions in automotive inventory management and customer relationship software, have yet to demonstrate convincing returns. In a somewhat similar way, SGX, ASX, CME, and SIX have adopted a business-as-usual approach, either not making acquisitions at all or making limited acquisitions in the core exchange business. For these exchanges, revenue growth ranged between -1% and 6% CAGR between 2019 and 2024. Failed innovation initiatives and the absence of diversification have further constrained their competitiveness.