VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Monday, January 5, 2026

Stock Comparison

Hong Kong Exchanges and Clearing Limited vs Jack Henry & Associates, Inc.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

Hong Kong Exchanges and Clearing Limited

0388.HK · Hong Kong Stock Exchange (HKEX)

Market cap (USD)$67.7B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorFinancials
Industry
CountryHK
Data as of2026-01-03
Moat score
92/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Hong Kong Exchanges and Clearing Limited's moat claims, evidence, and risks.

View 0388.HK analysis

Jack Henry & Associates, Inc.

JKHY · Nasdaq

Market cap (USD)$13.1B
Gross margin (TTM)43.5%
Operating margin (TTM)24.9%
Net margin (TTM)19.9%
SectorTechnology
IndustryInformation Technology Services
CountryUS
Data as of2025-12-25
Moat score
59/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Jack Henry & Associates, Inc.'s moat claims, evidence, and risks.

View JKHY analysis

Comparison highlights

  • Moat score gap: Hong Kong Exchanges and Clearing Limited leads (92 / 100 vs 59 / 100 for Jack Henry & Associates, Inc.).
  • Segment focus: Hong Kong Exchanges and Clearing Limited has 4 segments (52.6% in Cash Markets); Jack Henry & Associates, Inc. has 3 segments (36.8% in Payments).
  • Primary market structure: Monopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: Hong Kong Exchanges and Clearing Limited has 9 moat types across 5 domains; Jack Henry & Associates, Inc. has 7 across 3.

Primary market context

Hong Kong Exchanges and Clearing Limited

Cash Markets

Market

Exchange-based cash equities trading, clearing and settlement in Hong Kong (including Stock Connect cash markets)

Geography

Hong Kong (with Mainland China Connect linkage)

Customer

Brokers, banks, proprietary trading firms, and investors; listed issuers via primary/secondary markets

Role

Exchange operator + clearing/settlement/depository operator

Revenue share

52.6%

Jack Henry & Associates, Inc.

Payments

Market

Payment processing and transaction services for financial institutions (card, ACH, bill pay, faster payments, settlement support)

Geography

United States

Customer

Banks, credit unions, and their accountholders; businesses via FI clients

Role

Processor and settlement/risk services provider

Revenue share

36.8%

Side-by-side metrics

Hong Kong Exchanges and Clearing Limited
Jack Henry & Associates, Inc.
Ticker / Exchange
0388.HK - Hong Kong Stock Exchange (HKEX)
JKHY - Nasdaq
Market cap (USD)
$67.7B
$13.1B
Gross margin (TTM)
n/a
43.5%
Operating margin (TTM)
n/a
24.9%
Net margin (TTM)
n/a
19.9%
Sector
Financials
Technology
Industry
n/a
Information Technology Services
HQ country
HK
US
Primary segment
Cash Markets
Payments
Market structure
Monopoly
Competitive
Market share
100% (reported)
n/a
HHI estimate
10,000
n/a
Pricing power
Moderate
Moderate
Moat score
92 / 100
59 / 100
Moat domains
Legal, Network, Financial, Supply, Demand
Demand, Legal, Supply
Last update
2026-01-03
2025-12-25

Moat coverage

Shared moat types

Switching Costs General

Hong Kong Exchanges and Clearing Limited strengths

Concession LicenseClearing SettlementInteroperability HubTwo Sided NetworkDirect Network EffectsBenchmark Pricing PowerPhysical Network DensityDistribution Control

Jack Henry & Associates, Inc. strengths

Long Term ContractsSuite BundlingCompliance AdvantageScale Economies Unit CostData Workflow LockinBrand Trust

Segment mix

Hong Kong Exchanges and Clearing Limited segments

Full profile >

Cash Markets

Monopoly

52.6%

Equity and Financial Derivatives

Monopoly

20.3%

Commodities (LME and related)

Oligopoly

14.8%

Data and Connectivity

Quasi-Monopoly

12.2%

Jack Henry & Associates, Inc. segments

Full profile >

Core

Oligopoly

31.1%

Payments

Competitive

36.8%

Complementary

Competitive

28.4%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

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Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.