Their sole innovation over that is that they realized neutrality and being a third party is valuable because of regulation. Haha, this is pretty clever.
Similarly, there is a business computing custom indices that a bank uses in products. The bank is perfectly capable of computing the index itself, but it needs to be handled by a third party that is paid handsomely to just re-calculate what the bank already calculated.
One example of that is Markit Group, which had revenue of $1.5bn/yr when it merged with IHS in 2016 at an implied valuation of roughly $5.5bn. Best London startup of the last 25 years, including DeepMind, not close.
For this to work, don't they have to be the exclusive means of getting stock information for a bank? So everyone who owns bank stock in a bank that uses banclist must agree to use it to get all shareholder disclosure information?
