VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Wednesday, January 7, 2026

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Stock Comparison

Deutsche Boerse AG vs TMX Group Limited

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

Deutsche Boerse AG

DB1 · Xetra

Market cap (USD)$40.6B

Gross margin (TTM)54.3%

Operating margin (TTM)40.7%

Net margin (TTM)27.5%

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

TMX Group Limited

X · Toronto Stock Exchange

Market cap (USD)$14.4B

Gross margin (TTM)59.3%

Operating margin (TTM)38.7%

Net margin (TTM)23.8%

SectorFinancials

IndustryFinancial - Data & Stock Exchanges

CountryCA

Data as of2026-01-03

Moat score

70/ 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 TMX Group Limited's moat claims, evidence, and risks.

View X analysis

Comparison highlights

Moat score gap: Deutsche Boerse AG leads (81 / 100 vs 70 / 100 for TMX Group Limited).
Segment focus: Deutsche Boerse AG has 8 segments (28.2% in Securities Services (Clearstream: ICSD/CSD settlement + custody)); TMX Group Limited has 9 segments (16.1% in Trayport energy trading workflow software and network).
Primary market structure: Duopoly vs Oligopoly. Pricing power: Moderate vs Moderate.
Moat breadth: Deutsche Boerse AG has 12 moat types across 5 domains; TMX Group Limited has 12 across 5.

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%

TMX Group Limited

Trayport energy trading workflow software and network

Market

Wholesale energy trading workflow software and network connectivity

Geography

Europe-centric, with global customers

Customer

Energy traders, brokers, exchanges/venues

Role

Interoperability hub / workflow platform

Revenue share

16.1%

Side-by-side metrics

Deutsche Boerse AG

TMX Group Limited

Ticker / Exchange

DB1 - Xetra

X - Toronto Stock Exchange

Market cap (USD)

$40.6B

$14.4B

Gross margin (TTM)

54.3%

59.3%

Operating margin (TTM)

40.7%

38.7%

Net margin (TTM)

27.5%

23.8%

Sector

Financials

Industry

Financial - Data & Stock Exchanges

HQ country

Primary segment

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

Trayport energy trading workflow software and network

Market structure

Duopoly

Oligopoly

Market share

n/a

HHI estimate

n/a

Pricing power

Moderate

Moat score

81 / 100

70 / 100

Moat domains

Legal, Network, Demand, Financial, Supply

Legal, Network, Demand, Supply, Financial

Last update

2026-01-03

Moat coverage

Shared moat types

Regulated Standards PipeTwo Sided NetworkClearing SettlementBrand TrustInteroperability HubSwitching Costs GeneralScale Economies Unit CostData Workflow Lockin

Deutsche Boerse AG strengths

De Facto StandardFloat PrepaymentSuite BundlingFormat Lock In

TMX Group Limited strengths

Concession LicenseCompliance AdvantageDistribution ControlBenchmark Pricing Power

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%

TMX Group Limited segments

Full profile >

TSX & TSXV listing and sustaining fees

Oligopoly

10.8%

Issuer services (TSX Trust and TMX Newsfile)

Competitive

7.9%

Equities and fixed income trading venues (TSX, TSXV, TSX Alpha, Shorcan)

Oligopoly

8.8%

Post-trade clearing, settlement and depository (CDS / CDSX)

Quasi-Monopoly

8.6%

Canadian listed derivatives trading and clearing (Montreal Exchange + CDCC, excl. BOX)

Quasi-Monopoly

12.9%

U.S. equity options exchange (BOX)

Competitive

9.6%

Trayport energy trading workflow software and network

Oligopoly

16.1%

TMX Datalinx market data and co-location

Quasi-Monopoly

15.8%

TMX VettaFi indexing, ETF analytics, and digital distribution

Oligopoly

9.5%

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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Looking for expansion-stage stocks?

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.