VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

Stock Comparison

Intercontinental Exchange, Inc. vs London Stock Exchange Group plc

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

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

London Stock Exchange Group plc

LSEG · London Stock Exchange

Market cap (USD)$60.2B
Gross margin (TTM)46.5%
Operating margin (TTM)20.7%
Net margin (TTM)10.6%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryGB
Data as of2025-12-30
Moat score
74/ 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 London Stock Exchange Group plc's moat claims, evidence, and risks.

View LSEG analysis

Comparison highlights

  • Moat score gap: Intercontinental Exchange, Inc. leads (91 / 100 vs 74 / 100 for London Stock Exchange Group plc).
  • Segment focus: Intercontinental Exchange, Inc. has 4 segments (46.2% in Exchange transaction and clearing); London Stock Exchange Group plc has 5 segments (51% in Data & Analytics).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Intercontinental Exchange, Inc. has 8 moat types across 4 domains; London Stock Exchange Group plc has 8 across 4.

Primary market context

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%

London Stock Exchange Group plc

Data & Analytics

Market

Financial market data, analytics and workflows (terminals and enterprise feeds)

Geography

Global

Customer

Financial institutions and corporates

Role

Data & analytics vendor

Revenue share

51%

Side-by-side metrics

Intercontinental Exchange, Inc.
London Stock Exchange Group plc
Ticker / Exchange
ICE - New York Stock Exchange
LSEG - London Stock Exchange
Market cap (USD)
$84.4B
$60.2B
Gross margin (TTM)
69%
46.5%
Operating margin (TTM)
40.8%
20.7%
Net margin (TTM)
30%
10.6%
Sector
Financials
Financials
Industry
Financial - Data & Stock Exchanges
Financial - Data & Stock Exchanges
HQ country
US
GB
Primary segment
Exchange transaction and clearing
Data & Analytics
Market structure
Oligopoly
Oligopoly
Market share
19.8%-20.1% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
91 / 100
74 / 100
Moat domains
Network, Financial, Demand, Supply
Demand, Supply, Network, Legal
Last update
2026-05-26
2025-12-30

Moat coverage

Shared moat types

Two Sided NetworkClearing SettlementBrand TrustData Workflow Lockin

Intercontinental Exchange, Inc. strengths

Benchmark Pricing PowerScope EconomiesEcosystem ComplementsData Network Effects

London Stock Exchange Group plc strengths

Scale Economies Unit CostDe Facto StandardCompliance AdvantageConcession License

Segment mix

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%

London Stock Exchange Group plc segments

Full profile >

Data & Analytics

Oligopoly

51%

FTSE Russell

Oligopoly

10.7%

Risk Intelligence

Oligopoly

6.2%

Capital Markets

Oligopoly

21.3%

Post Trade

Quasi-Monopoly

10.8%

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.

View expansion-stage stocks

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.