Global exchange industry revenue surged in 2018, totaling a record $33.9 billion for the year. Trading revenues jumped 11.7%, as strength in global trading volumes, particularly derivatives, propelled the segment’s revenues to $21.3 billion. Information Services revenue (including market data, index and reference data) added $6.5 billion to the total, followed by the Listings & Issuer Services segment which accounted for $2.8 billion in revenue during the period.


Global exchanges saw growth across all business segments in 2018, with Trading, Clearing & Settlement revenues leading the way. Exchange diversification efforts continue to drive revenue growth in Information Services, with segment revenues growing 9.0% year-over-year. Industry revenues from Market Technology & Access segment jumped by 7.4%, while revenues from Listings & Issuer Services and Other Business Activities increased 6.7% and 3.5%, respectively.

Information Services and Other Business Activities have seen the strongest growth over the past five years, with five-year CAGRs of 13.6% and 13.1%, respectively. M&A Activity is driving revenue gains in these segments with some key acquisitions over recent years including the following:

  •  Nasdaq’s 2015 acquisition of Dorsey, Wright & Associates LLC
  • Intercontinental Exchange’s 2015 acquisition of Interactive Data Corporation
  • BM&FBovespa’s merger with Cetip in 2017 forming B3 S.A. – Brasil, Bolsa, Balcão
  • London Stock Exchange Group’s 2017 acquisition of The Yield Book and Citi Fixed Income Indices from Citigroup
  • Intercontinental Exchange’s 2017 acquisition of BAML’s fixed income index platform


Exchange pricing of proprietary market data has become a controversial topic that is seeing growing interest from regulators and market participants researchers in recent years, however Burton-Taylor maintains that inorganic revenue growth is driving the majority of segment gains. Exchanges are also benefiting from their index operations, which are experiencing double-digit percentage revenue increases.

Recent segmentation changes by exchanges offer a glimpse into the ever-evolving area of Exchange Information Services. In the second quarter of 2018, Nasdaq recategorized its Information Services segment to include a third sub-segment: Investment Data & Analytics, following its 2017 acquisition of eVestment. While Market Data revenue for Nasdaq is seeing gains, it is the more robust growth in revenues from Investment Data & Analytics and index licensing activities that is supporting Nasdaq’s Information Services revenue growth. Also in 2018, Euronext renamed its Market Data & Indices segment as Advanced Data Services reflecting the evolution of the category.

Burton-Taylor expects Exchange Information Services businesses to continue to see strong revenue growth in the future, especially as acquisition strategies focus on ancillary services strategically positioned to support exchange core data offerings. Nasdaq’s late-2018 acquisition of Quandl brings alternative data into the its Information Services fold, while London Stock Exchange Group’s June 2019 acquisition of Beyond Ratings adds ESG data into the mix. Deutsche Boerse’ proposed tie-up with Axioma is excepted to be just the start of its information services expansion efforts, as it has publicly announced its interest in acquiring additional service providers in the segment.


Burton-Taylor International Consulting recently published the Exchange Global Share & Segment Sizing 2019 report analyzing Global Exchange Industry revenues at the company, segment, region and industry-level. The report delivers a comprehensive analysis of current and historical exchange share, demand segmentation and demographics. For more information on the report, please click here.

David Tabaka is an Analyst at Burton-Taylor International Consulting, part of TP ICAP group, where he is responsible for research, analysis and report generation covering Exchange Operators and Index Providers.

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