VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Monday, January 5, 2026

Stock Comparison

Hong Kong Exchanges and Clearing Limited vs RELX PLC

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

RELX PLC

REL · London Stock Exchange

Market cap (USD)$54.2B
Gross margin (TTM)64%
Operating margin (TTM)30.7%
Net margin (TTM)20.3%
SectorIndustrials
IndustryPublishing
CountryGB
Data as of2025-12-30
Moat score
78/ 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 RELX PLC's moat claims, evidence, and risks.

View REL analysis

Comparison highlights

  • Moat score gap: Hong Kong Exchanges and Clearing Limited leads (92 / 100 vs 78 / 100 for RELX PLC).
  • Segment focus: Hong Kong Exchanges and Clearing Limited has 4 segments (52.6% in Cash Markets); RELX PLC has 4 segments (34.4% in Risk).
  • Primary market structure: Monopoly vs Oligopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: Hong Kong Exchanges and Clearing Limited has 9 moat types across 5 domains; RELX PLC has 8 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%

RELX PLC

Risk

Market

Risk analytics & decisioning platforms (fraud/identity, financial crime compliance, insurance underwriting/claims, industry data)

Geography

Global (largest in North America)

Customer

Enterprises (banks, insurers, digital commerce), governments, and other regulated industries

Role

Data/analytics provider and workflow platform

Revenue share

34.4%

Side-by-side metrics

Hong Kong Exchanges and Clearing Limited
RELX PLC
Ticker / Exchange
0388.HK - Hong Kong Stock Exchange (HKEX)
REL - London Stock Exchange
Market cap (USD)
$67.7B
$54.2B
Gross margin (TTM)
n/a
64%
Operating margin (TTM)
n/a
30.7%
Net margin (TTM)
n/a
20.3%
Sector
Financials
Industrials
Industry
n/a
Publishing
HQ country
HK
GB
Primary segment
Cash Markets
Risk
Market structure
Monopoly
Oligopoly
Market share
100% (reported)
n/a
HHI estimate
10,000
n/a
Pricing power
Moderate
Strong
Moat score
92 / 100
78 / 100
Moat domains
Legal, Network, Financial, Supply, Demand
Network, Demand, Legal
Last update
2026-01-03
2025-12-30

Moat coverage

Shared moat types

Two Sided Network

Hong Kong Exchanges and Clearing Limited strengths

Concession LicenseClearing SettlementInteroperability HubDirect Network EffectsBenchmark Pricing PowerPhysical Network DensityDistribution ControlSwitching Costs General

RELX PLC strengths

Data Network EffectsData Workflow LockinCompliance AdvantageContent Rights CurrencyBrand TrustSuite BundlingReputation Reviews

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%

RELX PLC segments

Full profile >

Risk

Oligopoly

34.4%

Scientific, Technical & Medical

Oligopoly

32.3%

Legal

Oligopoly

20.1%

Exhibitions

Competitive

13.1%

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.