Financial Exchanges & Data
Case studies in financial exchanges & data.
Cboe Global Markets: When Is an Overnight Market Ready?
On 29 May 2026, the SEC approved amended EDGX rules for a 23-hours-per-day, five-days-per-week equity schedule. The approval created a path to overnight trading; it did not itself authorize EDGX to open the new session. Read case
CME Group — Should Energy Trade Around the Clock?
On October 2, CME Group said it was withdrawing the filing for its proposed 10-Barrel WTI Crude Oil futures contract. The company attributed the decision to discussions with industry participants who were concerned that continuous energy trading without further due diligence could create unintended consequences and additional risk. Read case
Coinbase — Choosing the Next Growth Engine
At the close of 2023, Coinbase had three plausible sources of growth. Its core trading products served consumers and institutions; USDC and related services could connect reserve-backed stablecoin balances with payment use; and Base offered a platform on which developers could build on-chain applications. Read case
FactSet: Who Owns the Financial AI Workflow?
All company information in this case was public by the cutoff. The executive assignment and decision described below are constructed for classroom discussion; FactSet has not disclosed a meeting or pending resource-allocation decision matching this case. Read case
Intercontinental Exchange — One Fixed-Income Ecosystem?
On July 30, 2026, Intercontinental Exchange (ICE) announced a definitive agreement to acquire MarketAxess, an electronic fixed-income trading platform. ICE described the combination as a way to connect MarketAxess’s institutional investor and broker-dealer network with ICE’s retail and wealth bond trading, fixed-income data, analytics and indices. Read case
Moody’s Corporation: Where Should AI’s Customer Interface Live?
Moody’s combines a credit-ratings business with Moody’s Analytics (MA), which sells data, research, software and financial workflows. MA was investing in generative AI across its own applications and customer systems, while also making Moody’s information and analytical tools available through technology partners. Read case
MSCI: One climate-risk workflow—or interoperable specialist tools?
On August 3, 2026, MSCI announced it had completed its acquisition of First Street, a provider of physics-based physical climate-risk data and analytics. The deal was closed. What remained unsettled in the public record was what the combined product and operating design would look like in practice. Read case
Nasdaq — One Nasdaq, Many Buyers?
Nasdaq had set a target: at least $100 million in Financial Technology cross-sell run-rate revenue by year-end 2027. At its February 2026 Investor Day, the company said it had completed 42 Financial Technology cross-sells since the Adenza acquisition. Read case
S&P Global: AI, data and the customer interface
S&P Global had entered a new chapter. On July 1, 2026, it separated its Mobility division into Mobility Global, leaving Ratings, Indices, Energy and Market Intelligence as its four operating segments. Read case