Exchanges – More than Just Trading Places
We assess exchanges based on revenue mix ex-trading; the poster child is ICE, other attractive stocks are Deutsche Borse, CBOE, B3 & BolsaMex, with...
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Exchanges: Life Beyond Trading
In this report, we look at how global exchanges are positioning themselves to diversify revenue streams beyond the traditional Select exchanges in...
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Emerging Market Exchanges: B3 (B3SA3 BZ) Shares Look Exposed, We Prefer Bolsa Mexicana (BOLSAA MM)
B3 Sa - Brasil Bolsa Balcao (B3SA3 BZ) is on the defensive on pricing due to structural competitive factors which risk downgrades in its earnings...
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Galliano's Latin Notes 2019 Recommendations in Review, and Initial Thoughts for 2020
Our post mortem of 2019 recommendations shows that we have had some successes; good bull calls were Gentera SAB De CV (GENTERA* MM EQUITY) in...
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Curb Your Enthusiasm on B3 (B3SA3 BZ) - Look to Other Value Opportunities in Exchanges
B3 Sa - Brasil Bolsa Balcao (B3SA3 BZ), the Brazilian exchange, continues to benefit from sustainably lower domestic benchmark rates, and bullish...
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