VOL. XCIV, NO. 247

* WIDE MOAT STOCKS COMPARISON *

NO ADVICE

Monday, December 29, 2025

Stock Comparison

ASX Limited vs LPL Financial Holdings Inc.

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

ASX Limited

ASX · ASX

Market cap (USD)
SectorFinancials
CountryAU
Data as of2025-12-28
Moat score
80/ 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 ASX Limited's moat claims, evidence, and risks.

View ASX analysis

LPL Financial Holdings Inc.

LPLA · Nasdaq

Market cap (USD)$29.9B
SectorFinancials
CountryUS
Data as of2025-12-26
Moat score
79/ 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 LPL Financial Holdings Inc.'s moat claims, evidence, and risks.

View LPLA analysis

Comparison highlights

  • Moat score gap: ASX Limited leads (80 / 100 vs 79 / 100 for LPL Financial Holdings Inc.).
  • Segment focus: ASX Limited has 4 segments (31.5% in Markets); LPL Financial Holdings Inc. has 1 segment (100% in Advisor Platform).
  • Primary market structure: Duopoly vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: ASX Limited has 4 moat types across 3 domains; LPL Financial Holdings Inc. has 6 across 4.

Primary market context

ASX Limited

Markets

Market

Trading venues for Australian cash equities and exchange-traded derivatives (futures, options)

Geography

Australia

Customer

Brokers/market participants, proprietary trading firms, institutional investors

Role

Market operator / trading venue

Revenue share

31.5%

LPL Financial Holdings Inc.

Advisor Platform

Market

Advisor-mediated wealth management platform (independent broker-dealer + RIA custody/clearing)

Geography

United States

Customer

Financial advisors and financial institutions

Role

Platform / broker-dealer / custodian

Revenue share

100%

Side-by-side metrics

ASX Limited
LPL Financial Holdings Inc.
Ticker / Exchange
ASX - ASX
LPLA - Nasdaq
Market cap (USD)
n/a
$29.9B
Sector
Financials
Financials
HQ country
AU
US
Primary segment
Markets
Advisor Platform
Market structure
Duopoly
Oligopoly
Market share
80%-84% (reported)
23%-25% (reported)
HHI estimate
6,500
n/a
Pricing power
Moderate
Moderate
Moat score
80 / 100
79 / 100
Moat domains
Legal, Network, Demand
Supply, Demand, Legal, Network
Last update
2025-12-28
2025-12-26

Moat coverage

Shared moat types

Two Sided NetworkSwitching Costs General

ASX Limited strengths

Concession LicenseData Workflow Lockin

LPL Financial Holdings Inc. strengths

Scale Economies Unit CostSuite BundlingOperational ExcellenceCompliance Advantage

Segment mix

ASX Limited segments

Full profile >

Listings

Quasi-Monopoly

18.8%

Markets

Duopoly

31.5%

Technology & Data

Competitive

24.9%

Securities & Payments

Monopoly

24.8%

LPL Financial Holdings Inc. segments

Full profile >

Advisor Platform

Oligopoly

100%

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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.