CME Group

CME has multiple overlapping moats. It is the world’s leading regulated derivatives marketplace, with benchmarks in interest rates, equity indexes, FX, energy, agricultural and metals futures.

Its markets have deep liquidity and global reach, creating a strong network effect: more participants attract still more participants, reinforcing CME’s position. High capital requirements and regulatory approvals deter new exchanges.

The brand and exchange licenses are intangible assets – Brand Finance ranks CME “the world’s most valuable exchange brand” for 11 consecutive years. It also benefits from cost and scale advantages: CME processes far more futures contracts than any rival, so its technology and clearing fixed costs are amortized over enormous volume.

Potential moat erosion comes from new platforms or degrades in market share if competitors price aggressively, but so far CME has maintained its leading position. Its NFTs and incumbency suggest a durable moat, so this score is high.