The fight over Rule 611 and the quality of the National Best Bid and Offer is not just a technical policy debate; it cuts straight to how your orders are filled and how reliable public quotes really are. With Robinhood backing a move that could make prices across venues more fragmented, investors who care about market structure have fresh reasons to look closely at exchanges and trading platforms. This article explores how that news connects to market infrastructure stocks and walks through 3 stocks from the screener that appear positively exposed to these changes.

Pershing Square (PS)

Overview: Pershing Square Inc. is an alternative asset manager based in New York that manages concentrated, long term investments on behalf of its investors, and operates as a subsidiary of Pershing Square Partner Group, LLC.

Operations: Pershing Square generates all of its US$767.7 million in revenue from asset management activities, entirely in the United States.

Market Cap: US$13.3b

Pershing Square sits at the intersection of active stock picking and listed market infrastructure, giving you exposure to an asset manager with a permanent capital model that many analysts compare to a “Baby Buffett” approach. The company recently reported quarterly revenue of US$57.5 million alongside a net loss of US$147.6 million, a reminder that fee income and investment marks can be volatile. At the same time, the stock trades on a rich P/S multiple, is highly volatile, relies heavily on external borrowing, and carries concentration and key person risk around Bill Ackman. For investors willing to accept those trade offs, the combination of permanent capital and expanding retail access via NYSE listings may make Pershing Square a stock worth a closer look.

Pershing Square’s permanent capital model and high volatility profile can be a powerful mix if you understand the trade offs. Before you decide how it fits your portfolio, review the 3 key rewards and 2 important warning signs (2 are major!)

London Stock Exchange Group (LSE:LSEG)

Overview: London Stock Exchange Group operates the London Stock Exchange and a broad set of global financial market infrastructure and data services, from trading venues and clearing to real time data, indices, risk tools and AI driven analytics used by banks, asset managers and corporates worldwide.

Operations: LSEG generates most of its £9.3b revenue from Data & Analytics at about £4.3b, Markets at £3.5b, FTSE Russell indices at £954m, and Risk Intelligence at £579m, with only £8m from other sources.

Market Cap: £40.6b

London Stock Exchange Group sits right at the heart of the Rule 611 debate, because it runs core trading venues while also selling the data and risk tools that institutions lean on when public quotes become harder to interpret. Earnings growth has been strong, management is pushing into AI powered analytics and digital markets, and recent deals such as the Abaxx data integration and the StepStone tie up show how LSEG is positioning around new asset types and tokenized private markets. At the same time, the stock carries a high P/E multiple, relies entirely on external funding and has already been downgraded by at least one broker, so expectations are demanding. For investors who care how trading rules reshape exchanges, that mix of opportunity and pressure is a key consideration.

London Stock Exchange Group’s push into AI powered data and digital markets has many investors thinking only about growth. Yet the full picture is more nuanced. Get the full story in the analysis report for London Stock Exchange Group

IP Group (LSE:IPO)

Overview: IP Group backs science focused companies emerging from universities and research hubs, using its own capital and third party funds to support early stage and scaling businesses across sectors like energy, healthcare, life sciences and deeptech in the UK, Europe and beyond.

Operations: IP Group generates its revenue mainly from its Healthier Future portfolio excluding Oxford Nanopore at £125 million, supplemented by £8.2 million from third party fund management, while other segments including deeptech and cleantech currently report revenue declines.

Market Cap: £575.1m

IP Group provides exposure to a portfolio of science based businesses tied to areas such as health technology, climate solutions and university spin outs. The stock trades on a P/E below the wider UK market, has recently moved into profitability, and is led by an experienced, long serving leadership team. However, the business relies on external borrowing and successful exits in areas such as life sciences and decarbonisation to pursue its stated objectives. For investors who want to understand how factors such as IPOs, M&A activity and pension fund interest in UK science could influence fees and exits, IP Group is a stock that may merit closer research.

IP Group’s recent move into profitability, with a P/E below the wider UK market, hints that investors may be underestimating what a healthier earnings base could mean for its science portfolio; the analyst forecasts for IP Group could show why that matters for the next leg of the story.

The three stocks covered here are just a starting point, as the full Stock Exchanges & Market Infrastructure Providers screener surfaced 40 more companies with equally compelling market infrastructure narratives waiting to be analyzed. Use Simply Wall St to identify and analyze the specific catalysts, fee models and trading related themes that matter to you so you can focus on the highest conviction opportunities in this space.

Take Control of Your Investment Journey

If Pershing Square or any of these companies sound like a great opportunity, register for FREE with Simply Wall St and add your companies to a Watchlist to monitor the share price against the fair value the ideal entry point. Once you've made your move, manage your holdings with our Portfolio Command Center that filters out the noise to deliver only the most critical, actionable updates. Throughout your journey, our Community allows you to filter the best ideas from thousands of investor perspectives. By uncovering hidden catalysts and risks early, you'll accelerate your decision-making and stay one step ahead of the market.

Curious About Alternative Stock Paths?

Fresh ideas can gain attention quickly when momentum builds, and the most interesting stocks rarely stay under the radar for long. Review these screeners before the crowd moves and consider acting while conditions remain unchanged.

• Target resilient compounding potential by reviewing a curated 8 dividend fortresses that could help you keep income flowing even when share prices are moving around.
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• Explore the AI infrastructure theme by checking a hand picked 49 AI infrastructure stocks built around businesses powering the systems other stocks rely on.

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.