VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

Stock Comparison

Intercontinental Exchange, Inc. vs MarketAxess Holdings Inc.

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

MarketAxess Holdings Inc.

MKTX · NASDAQ Global Select Market

Market cap (USD)$4.6B
Gross margin (TTM)70.5%
Operating margin (TTM)41.1%
Net margin (TTM)35.3%
SectorFinancials
IndustryFinancial - Capital Markets
CountryUS
Data as of2026-05-27
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 MarketAxess Holdings Inc.'s moat claims, evidence, and risks.

View MKTX analysis

Comparison highlights

  • Moat score gap: Intercontinental Exchange, Inc. leads (91 / 100 vs 74 / 100 for MarketAxess Holdings Inc.).
  • Segment focus: Intercontinental Exchange, Inc. has 4 segments (46.2% in Exchange transaction and clearing); MarketAxess Holdings Inc. has 2 segments (86.8% in Trade Execution Solutions).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Intercontinental Exchange, Inc. has 8 moat types across 4 domains; MarketAxess Holdings Inc. has 6 across 3.

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%

MarketAxess Holdings Inc.

Trade Execution Solutions

Market

Electronic fixed-income trade execution platforms (credit and rates)

Geography

Global

Customer

Institutional investors, broker-dealers, and alternative liquidity providers

Role

Electronic trading venue / marketplace operator

Revenue share

86.8%

Side-by-side metrics

Intercontinental Exchange, Inc.
MarketAxess Holdings Inc.
Ticker / Exchange
ICE - New York Stock Exchange
MKTX - NASDAQ Global Select Market
Market cap (USD)
$84.4B
$4.6B
Gross margin (TTM)
69%
70.5%
Operating margin (TTM)
40.8%
41.1%
Net margin (TTM)
30%
35.3%
Sector
Financials
Financials
Industry
Financial - Data & Stock Exchanges
Financial - Capital Markets
HQ country
US
US
Primary segment
Exchange transaction and clearing
Trade Execution Solutions
Market structure
Oligopoly
Oligopoly
Market share
19.8%-20.1% (reported)
16.9% (reported)
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
91 / 100
74 / 100
Moat domains
Network, Financial, Demand, Supply
Network, Demand, Legal
Last update
2026-05-26
2026-05-27

Moat coverage

Shared moat types

Two Sided NetworkData Workflow LockinEcosystem ComplementsData Network Effects

Intercontinental Exchange, Inc. strengths

Benchmark Pricing PowerClearing SettlementBrand TrustScope Economies

MarketAxess Holdings Inc. strengths

Compliance AdvantageSwitching Costs General

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%

MarketAxess Holdings Inc. segments

Full profile >

Trade Execution Solutions

Oligopoly

86.8%

Services (Data, Post-Trade and Technology)

Competitive

13.2%

Want the full wide moat stocks list?

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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.