3 Exchange Stocks Worth Watching As AI Trading Activity Builds

Anthropic’s planned IPO, with talk of a valuation above US$1t and extremely fast revenue growth, has thrown a spotlight on the plumbing of global markets: the listed exchange operators that collect fees every time investors trade, list or hedge AI stories. If capital chases this theme and volatility rises, some of these platforms could see meaningful activity shifts. This article walks through 3 such stocks exposed to that news surge.

These three exchange operators are just a sample, and the full screen surfaced 22 more listed venues with equally interesting fee structures, business models and AI-related trading angles that are not covered below. To identify and analyze the highest conviction ideas across this universe, head straight into the Global Stock Exchanges and Equity Trading Venues screener.

B3 - Brasil Bolsa Balcão (BOVESPA:B3SA3)

Overview: B3, Brasil Bolsa Balcão operates Brazil’s main stock and derivatives exchange, running trading, clearing, settlement, data and technology services.

Operations: B3 generates about R$7.1b from Markets, R$1.8b from Technology and Platforms, R$1.1b from Data Analytics Solutions and R$686m from Capital Markets Solutions, almost entirely in Brazil with R$10.8b of revenue.

Market Cap: R$71.9b

For the Global Stock Exchanges and Equity Trading Venues theme, B3 matters because it is Brazil’s primary gateway for equity, derivatives and data-driven trading activity. The bullish analyst Narrative on Simply Wall St argues the real story now lies in how its newer fee engines scale from here.

"Expansion of B3, Brasil Bolsa Balcão’s electronic trade receivables infrastructure, which has just moved into an assisted production phase and is targeted to reach hundreds of millions of reais in annual fees over time, could add a new high margin, inventory and credit related revenue pool that is not yet central to earnings models."

The real swing factor is how one still underappreciated part of this platform ultimately feeds through to pricing power and earnings resilience.

That hinges on how far this new fee engine can run, and the full narrative for B3 - Brasil Bolsa Balcão maps where B3, Brasil Bolsa Balcão’s model could be quietly accelerating next.

London Stock Exchange Group (LSE:LSEG)

Overview: London Stock Exchange Group runs global trading venues and a large data, analytics and AI tools platform that financial institutions use daily.

Operations: London Stock Exchange Group generates about £4.4b from Data & Analytics, £3.7b from Markets, £1.0b from FTSE Russell and £0.6b from Risk Intelligence.

Market Cap: £44.9b

London Stock Exchange Group sits close to the centre of this screener theme, since it collects fees on listings, trading, clearing and data whenever investors respond to AI heavy headlines. The analyst consensus Narrative on Simply Wall St argues that its AI tools and data delivery are reshaping how that fee engine works.

"Accelerated take up of London Stock Exchange Group AI tools, shown by 95% of its top 200 customers using at least one AI solution and higher Workspace AI Search usage, is creating additional demand for proprietary datasets that can support subscription revenue growth and higher data related earnings."

What happens to London Stock Exchange Group margins and cash generation will likely hinge on how one unseen pressure in that data mix evolves.

That hinge point is exactly where the full narrative for London Stock Exchange Group pulls apart how LSEG’s AI uptake, pricing power and data mix could be quietly decoupling from headline trading volumes.

Singapore Exchange (SGX:S68)

Overview: Singapore Exchange runs integrated securities and derivatives markets in Singapore, earning fees from listings, trading, clearing, data and related services.

Operations: Singapore Exchange generates about S$507.6 million from Equities Cash, S$375.1 million from Equities Derivatives, S$412.0 million from Fixed Income, Currencies and Commodities, and S$264.7 million from Platform and Others, almost entirely in Singapore with S$1.6 billion of revenue.

Market Cap: S$21.9b

Singapore Exchange sits firmly inside this Global Stock Exchanges and Equity Trading Venues theme because its multi asset setup means IPO cycles, cross border AI and tech flows and hedging demand can all filter into trading, clearing and data fees. The analyst consensus Narrative on Simply Wall St sees this as central to where the business heads next.

"Scaling of Singapore Exchange multi asset derivatives and OTC SGX FX franchises, supported by a 36% to 39% three year CAGR in OTC FX average daily volumes to US$190b and continued management ambition for SGX FX to contribute a mid to high single digit share of group EBITDA, points to a larger future contribution to revenue and earnings from these businesses."

What matters most now is how one shift in where that activity lands shows up in fee yields, margins and long term earnings quality.

That shift in earnings quality is exactly where the full narrative for Singapore Exchange shows how Singapore Exchange’s FX and derivatives engines could be accelerating, while headline volumes tell only part of the story.

Curious About Alternative Market Opportunities?

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