Seeking Alpha
07 Oct 2026, 12:29 UTC · 2h ago
The Texas Stock Exchange Wants To Fight Wall Street
Impact · against what's priced in
The launch of the Texas Stock Exchange is a non-event for ICE as the market has already discounted the risks to its exchange margins and pricing power. While it represents a competitive threat, the current valuation reflects a cautious outlook that already absorbs these structural headwinds.
- ICE−0.05
Already priced in
- The price assumes
A 20-year streak of earnings growth driven by 75% exchange margins
The TXSE's strategy to lower listing fees targets the high-margin exchange revenue that the market currently treats as the baseline for ICE's growth, but this competitive pressure is already baked into the price sitting at the bottom of analyst ranges.
What ICE's price assumes · Sep 13
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