hi Marc, how does the provider of the index financially benefit? For example, S&P500 is an index which SPY tracks which in turn people invest in. How does value accrue to the index provider in this instance? thanks.
A question: You say that "While in 2006 exchanges owned 55% of central counterparty clearing houses globally, by 2014 that proportion was up to 83%. Today, following further acquisitions made by the London Stock Exchange and CBOE, the proportion is even higher."
But isn't the largest clearing house, that does the majority of all clearing, DTCC? And isn't DTCC basically owned by a small number of banks?
Love these historical pieces, very eye opening
hi Marc, how does the provider of the index financially benefit? For example, S&P500 is an index which SPY tracks which in turn people invest in. How does value accrue to the index provider in this instance? thanks.
A question: You say that "While in 2006 exchanges owned 55% of central counterparty clearing houses globally, by 2014 that proportion was up to 83%. Today, following further acquisitions made by the London Stock Exchange and CBOE, the proportion is even higher."
But isn't the largest clearing house, that does the majority of all clearing, DTCC? And isn't DTCC basically owned by a small number of banks?