Sasha Jovanovic
5 min read
Bond markets are throwing sharp punches, hedge funds are leaning hard on leverage, and regulators are raising their voices, which puts the entire market plumbing under a brighter spotlight. When price swings pick up, the companies that run exchanges, clearing and data pipes can face real pressure or fresh opportunity as volumes and risk management needs shift. This article explains how that story connects to three specific stocks from our screener and why their exposure to this news warrants closer attention right now.
The stocks covered below are just a small sample, and the full screen surfaced 31 more global exchange and market infrastructure companies with equally compelling stories that are not discussed here. To identify and analyze your own highest conviction ideas in this space, head straight into the Global Exchange & Market Infrastructure Stocks screener.
Morningstar (MORN)
Overview: Morningstar provides independent investment research, data, ratings, indexes and analytics platforms that help investors and advisors compare, select and monitor securities and portfolios.
Operations: Morningstar generates most revenue from the Direct Platform at US$859.5 million and PitchBook at US$688.7 million, supported by US$1.8b primarily from US clients.
Market Cap: US$7.8b
Morningstar slots into this market infrastructure screen as the data and analytics layer that investors lean on when trading and risk management activity ramps up. This puts extra weight on how its tools plug into the AI driven workflows professionals are starting to adopt.
“The integration of PitchBook private market data into AI platforms such as ChatGPT for Financial Services and Gemini Enterprise for Financial Services creates new data licensing and workflow subscription opportunities that can support higher revenue per user and improved margins as distribution scales.”
What happens to Morningstar’s earnings power if a single key assumption about how quickly clients embrace these deeper tools breaks either way?
If that adoption curve is what matters most to you, read the full narrative for Morningstar to see how AI workflows could accelerate or stall Morningstar’s earnings power.
London Stock Exchange Group (LSE:LSEG)
Overview: London Stock Exchange Group runs trading venues, clearing services and data platforms that keep global markets functioning across equities, bonds and derivatives.
Operations: London Stock Exchange Group earns most revenue from Data & Analytics at £4.4b and Markets at £3.7b, with smaller contributions from FTSE Russell and Risk Intelligence.
