VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

Cboe Global Markets, Inc. vs MSCI Inc.

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

Cboe Global Markets, Inc.

CBOE · Cboe BZX

Market cap (USD)
SectorFinancials
CountryUS
Data as of2025-12-31
Moat score
76/ 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 Cboe Global Markets, Inc.'s moat claims, evidence, and risks.

View CBOE analysis

MSCI Inc.

MSCI · New York Stock Exchange

Market cap (USD)$43.7B
SectorFinancials
CountryUS
Data as of2025-12-28
Moat score
76/ 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 MSCI Inc.'s moat claims, evidence, and risks.

View MSCI analysis

Comparison highlights

  • Moat score: both at 76 / 100.
  • Segment focus: Cboe Global Markets, Inc. has 5 segments (60.8% in Options); MSCI Inc. has 4 segments (55.9% in Index).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: Cboe Global Markets, Inc. has 8 moat types across 4 domains; MSCI Inc. has 4 across 3.

Primary market context

Cboe Global Markets, Inc.

Options

Market

U.S. listed options exchanges (multi-listed + proprietary index options)

Geography

United States

Customer

Broker-dealers, market makers, institutional investors, retail order-flow intermediaries

Role

Exchange operator (SRO) + derivatives listing venue + market data provider

Revenue share

60.8%

MSCI Inc.

Index

Market

Investment indexes and index licensing

Geography

Global

Customer

Institutional investors and asset managers

Role

Index provider / benchmark administrator

Revenue share

55.9%

Side-by-side metrics

Cboe Global Markets, Inc.
MSCI Inc.
Ticker / Exchange
CBOE - Cboe BZX
MSCI - New York Stock Exchange
Market cap (USD)
n/a
$43.7B
Sector
Financials
Financials
HQ country
US
US
Primary segment
Options
Index
Market structure
Oligopoly
Oligopoly
Market share
29%-32% (reported)
23%-27% (implied)
HHI estimate
n/a
n/a
Pricing power
Moderate
Strong
Moat score
76 / 100
76 / 100
Moat domains
Legal, Network, Supply, Demand
Network, Demand, Legal
Last update
2025-12-31
2025-12-28

Moat coverage

Shared moat types

Switching Costs GeneralDe Facto Standard

Cboe Global Markets, Inc. strengths

Contractual ExclusivityTwo Sided NetworkCapex Knowhow ScaleRegulated Standards PipeClearing SettlementIP Choke Point

MSCI Inc. strengths

Compliance AdvantageData Workflow Lockin

Segment mix

Cboe Global Markets, Inc. segments

Full profile >

Options

Oligopoly

60.8%

North American Equities

Competitive

18.5%

Europe and Asia Pacific

Oligopoly

10.6%

Futures

Quasi-Monopoly

6.3%

Global FX

Competitive

3.7%

MSCI Inc. segments

Full profile >

Index

Oligopoly

55.9%

Analytics

Oligopoly

23.6%

Sustainability and Climate

Competitive

11.4%

Private Assets

Competitive

9%

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.