Q: I am considering investing in these various exchanges. Could you rank them 1-3 with 1 being your preferred choice and reasons why for each?
Thank you
Thank you
5i Research Answer:
We like all of these, and would rank: CME, X, CBOE. We would consider their attractiveness relatively similar, and rank CME first largely on the expectation of continued volatility (good for business) and a slightly lower valuation. X is largely a monopoly in Canada, with a decent and growing dividend. CBOE looks fine as well right now.