There's a big tail risk of Energy Futures volumes in the future (with the advent of green energy). Secondly, ICE roundtrip costs are exorbitantly high for some products ( Sugar, Cocoa, Cotton) vs for CME. Even after rebates, the costs are 2x that of CME group. Hence, there's a potential of fees (& hence revenues) reducing.
There's a big tail risk of Energy Futures volumes in the future (with the advent of green energy). Secondly, ICE roundtrip costs are exorbitantly high for some products ( Sugar, Cocoa, Cotton) vs for CME. Even after rebates, the costs are 2x that of CME group. Hence, there's a potential of fees (& hence revenues) reducing.
Excellent analysis, really very good.
Great work, thanks for sharing it!
Fantastic work man, will share this at the weekend. Really quality stuff coming from you.