London Stock Exchange Appears Well Positioned, Even in the Shadow of Brexit
Wide-moat-rated London Stock Exchange reported fourth-quarter and full-year results that fit well with our long-term thesis on the firm. LSE is easily meeting all of its medium-term growth goals, margins are improving, and the worries over the effects of Brexit on LSE’s OTC clearing dominance appear to be waning. Overall, 2018 was an excellent year for the exchange. Gross profit was up 10% for the year while underlying operating expenses were up roughly 2%, leading to a 16% increase in yearly pr...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.
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