The second is a near-monopoly - a de facto leader in its category - even though some trading volumes bypass its platform - which has seen its revenue and pre-tax profit more than double over the past decade.
The third is a trading volume that has grown exponentially over the past 10 years, more than tripling, notably driven by an influx of foreign issuers.
The fourth is a genuine cash machine, generating $200m in free cash flow over the last 5 years - all of which has been returned to shareholders through dividends and share buybacks - with an average annual free cash flow of $40m.
The fifth is a group controlled by its CEO, who holds over a third of its capital and is noted for his refreshing candor, a total rejection of "adjusted" accounting, and strict adherence to financial orthodoxy.
The sixth is a business that is divided into three segments: transaction fees accounting for one-fifth of revenue; issuer services for 40%; and market data also representing 40%.
The seventh is not without risks: a slump in OTC volumes, tightening regulations, issuers migrating to primary exchanges like the NYSE or Nasdaq, and a general shift in interest from public to private markets.
The eighth is a valuation that is currently sitting at 10-year lows, both in terms of earnings multiples and price-to-book value.
