VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

Stock Comparison

Deutsche Boerse AG vs Intercontinental Exchange, Inc.

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

Deutsche Boerse AG

DB1 · Xetra

Market cap (USD)$53.4B
Gross margin (TTM)67.9%
Operating margin (TTM)40.8%
Net margin (TTM)27.1%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryDE
Data as of2026-01-03
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 Deutsche Boerse AG's moat claims, evidence, and risks.

View DB1 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 Deutsche Boerse AG).
  • Segment focus: Deutsche Boerse AG has 8 segments (28.2% in Securities Services (Clearstream: ICSD/CSD settlement + custody)); Intercontinental Exchange, Inc. has 4 segments (46.2% in Exchange transaction and clearing).
  • Primary market structure: Duopoly vs Oligopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: Deutsche Boerse AG has 12 moat types across 5 domains; Intercontinental Exchange, Inc. has 8 across 4.

Primary market context

Deutsche Boerse AG

Securities Services (Clearstream: ICSD/CSD settlement + custody)

Market

Securities settlement and custody infrastructure (ICSD/CSD) for Eurobonds and domestic markets

Geography

Global (Eurobonds + multiple domestic markets)

Customer

Custodian banks, broker-dealers, central banks, institutional investors

Role

Settlement/custody infrastructure and asset servicing

Revenue share

28.2%

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

Deutsche Boerse AG
Intercontinental Exchange, Inc.
Ticker / Exchange
DB1 - Xetra
ICE - New York Stock Exchange
Market cap (USD)
$53.4B
$84.4B
Gross margin (TTM)
67.9%
69%
Operating margin (TTM)
40.8%
40.8%
Net margin (TTM)
27.1%
30%
Sector
Financials
Financials
Industry
Financial - Data & Stock Exchanges
Financial - Data & Stock Exchanges
HQ country
DE
US
Primary segment
Securities Services (Clearstream: ICSD/CSD settlement + custody)
Exchange transaction and clearing
Market structure
Duopoly
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
Legal, Network, Demand, Financial, Supply
Network, Financial, Demand, Supply
Last update
2026-01-03
2026-05-26

Moat coverage

Shared moat types

Two Sided NetworkClearing SettlementBrand TrustData Workflow Lockin

Deutsche Boerse AG strengths

Regulated Standards PipeDe Facto StandardInteroperability HubFloat PrepaymentSwitching Costs GeneralScale Economies Unit CostSuite BundlingFormat Lock In

Intercontinental Exchange, Inc. strengths

Benchmark Pricing PowerScope EconomiesEcosystem ComplementsData Network Effects

Segment mix

Deutsche Boerse AG segments

Full profile >

Financial Derivatives (Eurex trading + Eurex Clearing)

Oligopoly

22.4%

Commodities (EEX marketplaces + clearing)

Oligopoly

10.9%

Cash Equities (Xetra + Boerse Frankfurt)

Quasi-Monopoly

5.1%

FX & Digital Assets (360T + Crypto Finance)

Competitive

2.8%

Securities Services (Clearstream: ICSD/CSD settlement + custody)

Duopoly

28.2%

Fund Services (Vestima fund processing + Fund Centre distribution)

Oligopoly

8.5%

Software Solutions (SimCorp + Axioma Analytics)

Competitive

11.9%

ESG & Index (ISS STOXX: indices + ESG/governance data)

Oligopoly

10.1%

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%

Want the full wide moat stocks list?

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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.