The launch of LSE 24, a near round the clock trading venue focused on Exchange Traded Products and digital settlement, puts a fresh spotlight on the companies that build and run the pipes of modern markets. When trading hours stretch and digital infrastructure takes a bigger role, some stocks could gain new attention while others face tougher competition and higher investment needs. This article picks out 3 stocks from our Digital and Electronic Trading Infrastructure Providers screener that are closely tied to this shift and examines how exposed each one might be to the LSE 24 story.

Victory Capital Holdings (VCTR)

Overview: Victory Capital Holdings is an asset manager based in San Antonio that designs and runs a wide range of investment products, from mutual funds and ETFs to alternatives and 529 education plans, for institutions, retirement platforms, advisers, and individual investors in the US and abroad.

Operations: The company generates about US$1.5b in revenue from providing investment management services and related products.

Market Cap: US$6.2b

Victory Capital Holdings sits right in the slipstream of the LSE 24 story because it already manages and distributes exchange traded products, and is actively adding new ETFs while opening up distribution channels across Asia and Latin America. That growth push comes with real strengths, such as high-margin fee revenue, share buybacks and a long-tenured board. It also brings pressure points, including fee compression, funding that leans on external borrowing and a recent step down in profit margins. With analysts expecting strong earnings growth and recent updates pointing to sizeable assets under management, the key question is how that mix of expansion, costs and capital returns could play out as global digital trading keeps gaining ground.

Victory Capital’s expanding ETF push, fee rich model and share buybacks could be telling a different story than headline margins suggest, so it is worth reading the analyst forecasts for Victory Capital Holdings for the crucial twist investors often miss.

London Stock Exchange Group (LSE:LSEG)

Overview: London Stock Exchange Group runs major stock and derivatives markets alongside a large data, index, and analytics business, supplying trading venues, benchmarks, and information tools that many banks, asset managers, and corporates rely on every day.

Operations: LSEG generates most of its revenue from Data & Analytics at about £4.3b, Markets at £3.5b, FTSE Russell at £954m, and Risk Intelligence at £579m, with only £8m from other activities.

Market Cap: £43.1b

London Stock Exchange Group is central to the LSE 24 story because it sits on both sides of the trade, running the new 24/5 venue and supplying the data, analytics, and digital settlement tools that algorithmic and agent based trading depend on. That mix of high recurring data revenue, AI ready analytics, and fee income from markets and clearing has supported strong earnings growth and attracted a premium P/E. However, it also exposes you to pricing pressure, regulatory change, and a funding base that relies entirely on external borrowing. The launch of LSE 24 and LSEG’s push into digital settlement could influence how its growth and valuation fit together. That is where the more interesting part of the story starts.

London Stock Exchange Group’s high recurring data revenue and premium P/E raise the real question: is the market fully pricing how LSE 24 and digital settlement could reshape that mix and the analysis report for London Stock Exchange Group?

IG Group Holdings (LSE:IGG)

Overview: IG Group Holdings is a London based fintech company that runs online trading and investing platforms worldwide, offering contracts for difference, foreign exchange, options, futures, stock trading, ETFs, fixed income products, and cash crypto, alongside education, data, and risk management tools for retail and institutional clients.

Operations: IG Group Holdings generates about £1.1b in revenue from its brokerage activities.

Market Cap: £5.7b

IG Group Holdings sits close to the heart of the LSE 24 story because it already gives clients 24/5 access to markets and is building out exchange traded derivatives, stock trading, and crypto across multiple regions. The combination of high margins, a 26.1% return on equity and solid revenue growth guidance, plus interest income of £110 to £120m, makes the current P/E look interesting, especially as products like Spectrum, tastytrade and new stock trading platforms deepen engagement. However, you are also taking on higher funding risk from external borrowing, sensitivity to regulation around derivatives and crypto, and a recent one off gain that flatters reported profitability. The real question is how that trade off between quality, growth prospects and funding risk stacks up as digital trading expands around the clock.

IG Group Holdings’ high margins, 26.1% return on equity and interest income are only part of the story; the real tension sits in how funding risk and growth ambitions interact in the analyst forecasts for IG Group Holdings

The three stocks in this article are only a starting point, and the full Digital and Electronic Trading Infrastructure Providers screener highlights 35 more companies with similar scale, business quality, and digital trading exposure that could be just as interesting. Use Simply Wall St to identify and analyze the specific catalysts, financial health signals, and business narratives that matter most to you so you can focus on the highest conviction opportunities in this corner of the market.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.