VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

Stock Comparison

CME Group Inc. vs Intercontinental Exchange, Inc.

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

CME Group Inc.

CME · NASDAQ

Market cap (USD)$99.1B
Gross margin (TTM)86.3%
Operating margin (TTM)65.6%
Net margin (TTM)62.8%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryUS
Data as of2026-05-29
Moat score
81/ 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 CME Group Inc.'s moat claims, evidence, and risks.

View CME analysis

Intercontinental Exchange, Inc.

ICE · New York Stock Exchange

Market cap (USD)$84.4B
Gross margin (TTM)69%
Operating margin (TTM)40.8%
Net margin (TTM)30%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryUS
Data as of2026-05-26
Moat score
91/ 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 Intercontinental Exchange, Inc.'s moat claims, evidence, and risks.

View ICE analysis

Comparison highlights

  • Moat score gap: Intercontinental Exchange, Inc. leads (91 / 100 vs 81 / 100 for CME Group Inc.).
  • Segment focus: CME Group Inc. has 3 segments (81% in Trading and Clearing (Derivatives + Cash Markets Platforms)); Intercontinental Exchange, Inc. has 4 segments (46.2% in Exchange transaction and clearing).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: CME Group Inc. has 10 moat types across 5 domains; Intercontinental Exchange, Inc. has 8 across 4.

Primary market context

CME Group Inc.

Trading and Clearing (Derivatives + Cash Markets Platforms)

Market

Exchange-traded derivatives (futures and options) trading and central counterparty clearing; plus electronic cash markets matching (U.S. Treasuries/repo, spot FX) tied to CME platforms

Geography

Global (core U.S. footprint with international participation)

Customer

Institutional and professional traders; commercial hedgers; banks; broker-dealers; futures commission merchants (FCMs); asset managers; proprietary trading firms; governments and central banks

Role

Market operator (exchange/venue) + central counterparty clearing provider

Revenue share

81%

Intercontinental Exchange, Inc.

Exchange transaction and clearing

Market

Global regulated derivatives, cash equities, equity options, OTC energy trading and clearing venues

Geography

Global, with major venues and clearing houses in the U.S., U.K., EU, Canada, Asia Pacific and the Middle East

Customer

Financial institutions, asset managers, market makers, hedgers, corporates, energy firms and brokers

Role

Regulated exchange operator, execution venue and central counterparty clearing infrastructure

Revenue share

46.2%

Side-by-side metrics

CME Group Inc.
Intercontinental Exchange, Inc.
Ticker / Exchange
CME - NASDAQ
ICE - New York Stock Exchange
Market cap (USD)
$99.1B
$84.4B
Gross margin (TTM)
86.3%
69%
Operating margin (TTM)
65.6%
40.8%
Net margin (TTM)
62.8%
30%
Sector
Financials
Financials
Industry
Financial - Data & Stock Exchanges
Financial - Data & Stock Exchanges
HQ country
US
US
Primary segment
Trading and Clearing (Derivatives + Cash Markets Platforms)
Exchange transaction and clearing
Market structure
Oligopoly
Oligopoly
Market share
n/a
19.8%-20.1% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Strong
Moat score
81 / 100
91 / 100
Moat domains
Network, Legal, Supply, Financial, Demand
Network, Financial, Demand, Supply
Last update
2026-05-29
2026-05-26

Moat coverage

Shared moat types

Two Sided NetworkClearing SettlementBenchmark Pricing PowerData Workflow Lockin

CME Group Inc. strengths

Concession LicenseScale Economies Unit CostIP Choke PointDe Facto StandardDistribution ControlSwitching Costs General

Intercontinental Exchange, Inc. strengths

Brand TrustScope EconomiesEcosystem ComplementsData Network Effects

Segment mix

CME Group Inc. segments

Full profile >

Trading and Clearing (Derivatives + Cash Markets Platforms)

Oligopoly

81%

Market Data and Information Services

Monopoly

12.3%

Access, Connectivity and Other Exchange Services

Monopoly

6.7%

Intercontinental Exchange, Inc. segments

Full profile >

Exchange transaction and clearing

Oligopoly

46.2%

Exchange data, connectivity and listings

Oligopoly

13.6%

Fixed Income and Data Services

Oligopoly

22.1%

Mortgage Technology

Quasi-Monopoly

18.1%

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Proven models entering the expansion stage with unit economics that work.

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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.