05 Aug 2019 ICE expands data business by buying MOVE indices
Purchase of volatility benchmarks allows exchange group to target growth of fixed income ETFs
Intercontinental Exchange will acquire Bank of America’s MOVE indices in the latest example of an exchange group expanding its data business after rival operator the London Stock Exchange Group agreed to purchase Refinitiv.
The purchase comes as exchange operators compete to expand further into the business of selling data and analytics rather than matching buyers and sellers. Indexing in particular has boomed in recent years as investors have moved away from actively managed funds to passive portfolios that follow an index. This has swelled the indexing business to $3.5bn last year from $2bn in 2013, according to Burton-Taylor International Consulting.
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