Financial Exchanges and Data Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

FINANCIALS › FINANCIAL SERVICES › FINANCIAL EXCHANGES AND DATA

Exchanges Keep Launching New Markets Even as the Set Trades Lower

This update covers price moves, company announcements and transaction activity across Financial Exchanges and Data for September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Financial Exchanges and Data Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   FINANCIALS › FINANCIAL SERVICES › FINANCIAL EXCHANGES AND DATA

   This is the cover page for the Financial Exchanges and Data bi-weekly update covering September 14–28, 2026.

   We open with the two-week window for Financial Exchanges and Data, September 14–28, 2026, covering what changed, who moved and why, what transacted, and what it means. This sets up the pages that follow.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE FINANCIALS › FINANCIAL SERVICES › FINANCIAL EXCHANGES AND DATA Exchanges Keep Launching New Markets Even as the Set Trades Lower This update covers price moves, company announcements and transaction activity across Financial Exchanges and Data for September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Financial Exchanges and Data Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Build-Out Continued Across Venues and Data While the Market Marked the Set Down

   This page summarizes the two-week period across 8 covered names, close-to-close, through September 28, 2026.

   We open with the headline: build-out continued across venues and data while the broader set traded lower, with the median move at -3.1% against a S&P 500 gain of +0.8%. CME Group and Intercontinental Exchange both added contracts, data services and distribution during the window, while the precedent record saw no new transactions. The standing sector view — a Core EV/EBITDA band of 13.9x–19.7x around a 15.9x median — still frames how these three different business models get valued. So what: the gap between operational build-out and price action is the story to watch into the next period.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Build-Out Continued Across Venues and Data While the Market Marked the Set Down The two-week period in one page · 8 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Financial Exchanges and Data Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 Most Covered Names Gave Ground While the Broad Market Edged Up 5 of 8 covered names fell; the median move was -3.1%. The S&P 500 returned +0.8% over the same window. 2 Venues Spent the Period Adding Contracts, Data Services and Distribution CME Group Inc. (CME) launched leveraged loan index futures, put nano equity index contracts into a retail channel and reported demand in the first weekend of 24/7 silver trading. Intercontinental Exchange, Inc. (ICE) launched a private credit reference data service. 3 The Standing View That These Are Three Different Businesses Still Frames the Set NeuraCap's sector study rates the group off CY2027E EV/EBITDA, with a Core band of 13.9x–19.7x around a 15.9x sector median. This period's moves ran across those tiers rather than along them. 4 Nothing New Entered the Precedent Record This Period No transactions were added over the two-week period, so the pricing reference for the sector is unchanged from where it stood entering the window. +1.1% Best mover — Nasdaq, Inc. (NDAQ) worst: EFX -15.4% · 3 up / 5 down of 8 covered -3.1% Sector median two-week return vs S&P 500 +0.8%

3. 03
   PUBLIC MARKET MOVERS

   Expansion News and Price Action Pointed in Different Directions

   This page shows close-to-close price moves for the covered names over the two-week period, with sector context.

   We track close-to-close performance across the covered set for September 14–28, 2026, where the sector median move was -3.1% against a S&P 500 return of +0.8%. Our materiality bar for this sector-relative view sits at 4.7%, so we flag moves that cross that line as decision-relevant. Attribution here links each move only to filings and headlines recorded in the window, and where no driver is recorded, the page says so plainly. So what: expansion announcements and price action pointed in different directions, and that gap is what clients should probe first.

   Everything on this page

   PUBLIC MARKET MOVERS Expansion News and Price Action Pointed in Different Directions Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -3.1% · S&P 500 +0.8% · materiality bar ±4.7% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Financial Exchanges and Data Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -3.1% Equifax Inc. (EFX) -15.4% No notable in-window news was identified that clearly explains the move. At -15.4%, Equifax Inc. (EFX) finished well below the -3.1% sector median. A Discount-tier data franchise can move hard in a quiet window; mix and retention set the rating, not the product calendar. UNEXPLAINED CME Group Inc. (CME) -6.1% No notable in-window news was identified that clearly explains the move. At -6.1%, CME Group Inc. (CME) trailed the -3.1% sector median. A Premium-tier venue carries the highest bar; new contracts take time to show up in average daily volume and capture. UNEXPLAINED Nasdaq, Inc. (NDAQ) +1.1% No notable in-window news was identified that clearly explains the move. At +1.1%, Nasdaq, Inc. (NDAQ) sat above the -3.1% sector median. Listings and subscription revenue does not need volatility, and that tends to show up as steadier moves in soft windows. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   What Companies Actually Did: New Contracts, New Content, New Distribution

   This page lists the two-week period's highest-impact company announcements, each linked to its source.

   We walk through what companies actually did this period: new contracts, new content and new distribution across the covered set. CME Group launched leveraged loan index futures, extended nano equity index contracts into a retail channel, and reported demand in the first weekend of 24/7 silver trading; Intercontinental Exchange launched a private credit reference data service. Each 'why it matters' line is a NeuraCap read tied to a specific filing or article, sourced in a fixed reliability order. So what: these are the operational signals that will show up in volume and revenue lines before they show up in multiples.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS What Companies Actually Did: New Contracts, New Content, New Distribution The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Financial Exchanges and Data Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 17 · NEWS · Business Wire Coinbase One members gained a lender-funded rebate on home equity lines through a mortgage partner A rebate equal to 1% of an approved line, up to $10,000, puts a consumer credit product in front of a paying membership base. It shows the subscription tier being used to carry more than trading. Membership economics are becoming a distribution asset, not only a fee line. Sep 16 · NEWS · Business Wire ICE launched a reference data service covering private credit Reference data is recurring revenue that does not depend on volatility, and private credit is a growing pool with thin standard content. The launch fits the mix shift toward subscription revenue. Content franchises are extending into asset classes where pricing and identifiers are still being built. Sep 15 · NEWS · PRNewsWire CME Group launched S&P UBS USD Liquid Leveraged Loan Index futures, which began trading Sep 14 Credit is the part of the market still moving from voice negotiation to screens. Building a listed contract there is how a derivatives group tries to own open interest in a market it does not yet clear at scale. The electronification runway in credit is being contested with new contracts, not just new protocols. Sep 14 · NEWS · PRNewsWire CME Nano equity index futures reached retail investors through a brokerage distribution partner Smaller contract sizes widen the participant base without changing the order book. Distribution into retail channels is a direct lever on average daily volume. Contract design and distribution partnerships are being used to add flow rather than to defend capture. Sep 14 · NEWS · PRNewsWire CME Group reported demand for 100-Ounce Silver futures in the first weekend of 24/7 trading Extending the trading session tests whether a venue can add volume from hours it previously did not serve. The signal here is about where incremental flow can come from. Session length is becoming a competitive variable alongside contract size and clearing. Sep 21 · NEWS · PRNewsWire Nasdaq closed a minimum bid price compliance matter after a listed issuer met the requirement Continued listing standards are the working end of the listings franchise. Enforcing and then closing them is part of what issuers pay the exchange to maintain. Listings revenue rests on standards being applied, which is quiet work that rarely shows in a single window.

5. 05
   M&A & STRATEGIC ACTIVITY

   No New Transactions, so the Standing Record Remains the Pricing Reference

   This page confirms no new transactions were recorded this period, leaving the 26-deal precedent record unchanged.

   No new transactions entered the record this period, so the standing precedent set of 26 recorded deals remains the pricing reference for the sector. Deal multiples in that record are LTM at announcement where disclosed, and we do not re-present old transactions as news. So what: with the comparison set unchanged, any new deal that does print will stand out clearly against it.

   Everything on this page

   M&A & STRATEGIC ACTIVITY No New Transactions, so the Standing Record Remains the Pricing Reference September 14–28, 2026 · precedent transactions: 26 recorded deals Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Financial Exchanges and Data Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing record still carries 26 precedent transactions, and this period's activity was organic build — new contracts and new data services — rather than acquisition. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 26 Recorded precedent transactions the reference set buyers and sellers price against

6. 06
   WHAT IT MEANS

   What the Period Changes for the People Who Run, Buy and Advise These Businesses

   This page translates the period's evidence into implications for operators, acquirers and advisors.

   We translate the period for the people who act on it: operators should watch the KPIs behind this period's launches, such as average daily volume, open interest and subscription value. Acquirers face an unchanged comparison set, since no transaction was added to the precedent record this period. Advisors should lead conversations with what companies shipped — four product or distribution launches and a membership tie-up at Coinbase — rather than with the price action alone. So what: the operational record, not the two-week price move, is what should anchor the next conversation with these companies.

   Everything on this page

   WHAT IT MEANS What the Period Changes for the People Who Run, Buy and Advise These Businesses The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Financial Exchanges and Data Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 15.9x 8 companies in the study 3 valuation tiers Standing thesis: Three Kinds of Business Sit Inside Financial Exchanges and Data, and the Market Rates Them Apart FOR OWNERS & OPERATORS The Launches Point at the KPIs That Carry the Rating Every announcement in the window aimed at a measurable line: average daily volume from new contracts and retail distribution, open interest in a credit product, and annualised subscription value from a new reference data service. FOR ACQUIRERS The Reference Set Is Unchanged; The Build Side Moved No transaction was added to the record this period, so the comparison set you underwrite against is the same one you had entering the window. FOR ADVISORS Lead with What Companies Shipped, Not with the Price Action The period's evidence is operational: four product or distribution launches across two exchange groups, and a membership tie-up at Coinbase Global, Inc. (COIN).

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This page explains the sources and methodology behind every figure and claim in the update.

   Every figure in this update links back to the record it was taken from, and the publishers and filings drawn on for the period are listed on this page. This is where we show our work, so the update can be tested against its own sources. So what: clients can trace any claim in this deck back to a primary filing or article before acting on it.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Financial Exchanges and Data Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T223141Z_600_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: businesswire.com · prnewswire.com · globenewswire.com

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