Quarterly earnings results are a good time to check in on a company’s progress, especially compared to its peers in the same sector. Today we are looking at Tradeweb Markets (NASDAQ: TW) and the best and worst performers in the financial exchanges & data industry.

Financial exchanges and data providers operate trading platforms and sell market information. They enjoy relatively stable revenue from trading fees and subscriptions, increasing demand for data analytics, and expansion opportunities in emerging markets. Challenges include regulatory oversight of market structure, competition from alternative trading venues, and substantial technology investments needed to maintain low-latency trading infrastructure and data security.

The 10 financial exchanges & data stocks we track reported a satisfactory Q3. As a group, revenues beat analysts’ consensus estimates by 1%.

Thankfully, share prices of the companies have been resilient as they are up 6.1% on average since the latest earnings results.

Weakest Q3: Tradeweb Markets (NASDAQ: TW)

Founded in 1996 as one of the pioneers in electronic bond trading, Tradeweb Markets (NASDAQ: TW) builds and operates electronic marketplaces that connect financial institutions for trading across rates, credit, equities, and money markets.

Tradeweb Markets reported revenues of $508.6 million, up 13.3% year on year. This print exceeded analysts’ expectations by 1%. Despite the top-line beat, it was still a slower quarter for the company with a significant miss of analysts’ EPS estimates and transaction volumes in line with analysts’ estimates.

Tradeweb Markets achieved the fastest revenue growth of the whole group. Unsurprisingly, the stock is up 1.1% since reporting and currently trades at $106.65.

Is now the time to buy Tradeweb Markets? Access our full analysis of the earnings results here, it’s free.

Best Q3: Moody's (NYSE: MCO)

Founded in 1900 during America's railroad boom when investors needed reliable information on bond risks, Moody's (NYSE: MCO) provides credit ratings, risk assessment tools, and analytical solutions that help organizations evaluate financial risks and make informed investment decisions.

Moody's reported revenues of $2.01 billion, up 10.7% year on year, outperforming analysts’ expectations by 2.4%. The business had a very strong quarter with an impressive beat of analysts’ Investor Services segment estimates and a solid beat of analysts’ EBITDA estimates.

Moody's achieved the biggest analyst estimates beat among its peers. The market seems happy with the results as the stock is up 8% since reporting. It currently trades at $523.80.

Is now the time to buy Moody's? Access our full analysis of the earnings results here, it’s free.

FactSet (NYSE: FDS)

Founded in 1978 when financial data was still primarily delivered through paper reports, FactSet (NYSE: FDS) provides financial data, analytics, and technology solutions that investment professionals use to research, analyze, and manage their portfolios.

FactSet reported revenues of $607.6 million, up 6.9% year on year, exceeding analysts’ expectations by 1.3%. Still, it was a mixed quarter as it posted full-year EPS guidance slightly missing analysts’ expectations.

As expected, the stock is down 3.2% since the results and currently trades at $286.68.

Read our full analysis of FactSet’s results here.

CME Group (NASDAQ: CME)

Born from the Chicago Mercantile Exchange founded in 1898 as a butter and egg trading venue, CME Group (NASDAQ: CME) operates the world's largest derivatives marketplace where traders can buy and sell futures and options contracts across interest rates, equities, currencies, commodities, and more.

CME Group reported revenues of $1.54 billion, down 3% year on year. This result met analysts’ expectations. Taking a step back, it was a mixed quarter as it also produced a narrow beat of analysts’ EBITDA estimates but revenue in line with analysts’ estimates.

CME Group had the slowest revenue growth among its peers. The stock is up 5.2% since reporting and currently trades at $282.48.

Read our full, actionable report on CME Group here, it’s free.

MarketAxess (NASDAQ: MKTX)

Pioneering the shift from phone-based to electronic bond trading since 2000, MarketAxess (NASDAQ: MKTX) operates electronic trading platforms that enable institutional investors and broker-dealers to efficiently trade fixed-income securities like corporate and government bonds.

MarketAxess reported revenues of $208.8 million, up 1% year on year. This number surpassed analysts’ expectations by 0.7%. Overall, it was a strong quarter as it also logged an impressive beat of analysts’ EBITDA estimates and a beat of analysts’ EPS estimates.

The stock is up 3.5% since reporting and currently trades at $171.56.

Read our full, actionable report on MarketAxess here, it’s free.

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