Currency Tailwinds, Strong Clearing Growth Propel the London Stock Exchange Forward
London Stock Exchange’s third-quarter results were largely in line with our expectations and do not alter our current thesis on the firm. We are maintaining our GBX 3,000 fair value estimate and narrow moat rating.ÂThe index business of FTSE Russell had a tougher quarter on a constant-currency basis, but results including currency effects show the group is still well on target to hit double-digit growth for 2016, right in line with our expectations. We continue to believe the index and exchange...
London Stock Exchange Group is a global markets infrastructure business based in the United Kingdom. Co's operating segments include: Information Services, which provides a range of information and data products including indexes and benchmarks; Post Trade Services LCH, which provides clearing services through which counterparty risk is mitigated across multiple asset classes; Capital Markets, provides access to capital for domestic and international businesses and electronic platforms for secondary market trading of equities, bonds and derivatives; and Group Technology, which provides secure technologies to customers that require performance at high levels of availability and throughput.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
We have operations in 27 countries.
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