Of the five largest data providers, FactSet is the most obvious candidate to be snapped up next by an exchange, industry experts say.
But when it comes to large data providers like Refinitiv, exchanges' options are limited. Rachel Carpenter, founder and CEO of Intrinio, a startup that offers a la carte access to data, told Business Insider that five companies control roughly 75% of the market in financial data. In addition to Refinitiv, there is market leader Bloomberg, along with S&P Global, FactSet, and Morningstar.
As for Morningstar, it's the smallest of the group with a market cap around $6.5 billion but more of a niche player, as its focus sits more with mutual funds as opposed to broader financial data, according to Carpenter. "FactSet is probably the most innovative," Carpenter said."They are doing things that I think would catch the eye of an exchange and be pretty complimentary."
To be sure, exchanges aren't exactly struggling. Since 2012, they've enjoyed a 12% increase in revenue annually and in 2018 trading venues made nearly $30 billion in revenue globally.
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