VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

Stock Comparison

Intercontinental Exchange, Inc. vs MSCI 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

MSCI Inc.

MSCI · New York Stock Exchange

Market cap (USD)$44B
Gross margin (TTM)82.9%
Operating margin (TTM)55.4%
Net margin (TTM)40.7%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryUS
Data as of2025-12-28
Moat score
76/ 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 MSCI Inc.'s moat claims, evidence, and risks.

View MSCI analysis

Comparison highlights

  • Moat score gap: Intercontinental Exchange, Inc. leads (91 / 100 vs 76 / 100 for MSCI Inc.).
  • Segment focus: Intercontinental Exchange, Inc. has 4 segments (46.2% in Exchange transaction and clearing); MSCI Inc. has 4 segments (55.9% in Index).
  • Moat breadth: Intercontinental Exchange, Inc. has 8 moat types across 4 domains; MSCI Inc. has 4 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%

MSCI Inc.

Index

Market

Investment indexes and index licensing

Geography

Global

Customer

Institutional investors and asset managers

Role

Index provider / benchmark administrator

Revenue share

55.9%

Side-by-side metrics

Intercontinental Exchange, Inc.
MSCI Inc.
Ticker / Exchange
ICE - New York Stock Exchange
MSCI - New York Stock Exchange
Market cap (USD)
$84.4B
$44B
Gross margin (TTM)
69%
82.9%
Operating margin (TTM)
40.8%
55.4%
Net margin (TTM)
30%
40.7%
Sector
Financials
Financials
Industry
Financial - Data & Stock Exchanges
Financial - Data & Stock Exchanges
HQ country
US
US
Primary segment
Exchange transaction and clearing
Index
Market structure
Oligopoly
Oligopoly
Market share
19.8%-20.1% (reported)
23%-27% (implied)
HHI estimate
n/a
n/a
Pricing power
Strong
Strong
Moat score
91 / 100
76 / 100
Moat domains
Network, Financial, Demand, Supply
Network, Demand, Legal
Last update
2026-05-26
2025-12-28

Moat coverage

Shared moat types

Data Workflow Lockin

Intercontinental Exchange, Inc. strengths

Two Sided NetworkBenchmark Pricing PowerClearing SettlementBrand TrustScope EconomiesEcosystem ComplementsData Network Effects

MSCI Inc. strengths

De Facto StandardSwitching Costs GeneralCompliance Advantage

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%

MSCI Inc. segments

Full profile >

Index

Oligopoly

55.9%

Analytics

Oligopoly

23.6%

Sustainability and Climate

Competitive

11.4%

Private Assets

Competitive

9%

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.