Banks and Capital Markets
Banks and Capital Markets Market Data
Three exchange operators
ICE 2025 net revenues $9.9B (Exchanges $5.4B, FID $2.4B, Mortgage $2.1B). CME $6.52B with 28.1 million ADV. Nasdaq net revenue $5.25B. Cboe was not pulled.
Ratings versus analytics
S&P Global Ratings $4.72B and Market Intelligence $4.92B. Moody's MIS $4.12B and MA $3.60B. Ratings move with issuance. Analytics are the recurring overlay.
Index and data lines
Nasdaq Solutions $4.01B. MSCI firm revenue $3.13B, with $2.34T of ETF AUM linked to MSCI equity indexes. ICE FID $2.4B. S&P Global Indices $1.85B. CME market data $803M.
