Jim Cramer praises the CME Group–Cboe exchange duopoly

During his broadcast, Jim Cramer directed viewers' attention to CME Group and Cboe Global Markets — two companies that effectively control a substantial share of the US exchange-traded derivatives and options market. According to him, high barriers to entry and network effects shield these exchanges from new competition, providing stable cash flow and a predictable business model. Cramer noted that the surge in options trading volumes among both retail and institutional investors in recent years directly benefits both companies as infrastructure operators. Such a market structure is uncommon across most sectors and makes exchange stocks a defensive asset with elements of growth. For retail investors, this view could be appealing as a way to gain exposure to rising trading activity without taking on the risk of individual trades.