§ 07 · SECTOR DEEP DIVE · 15 PLATFORMS
Banks & Financial Markets
The original lock-in machines. Decades of accumulated dependency.
15
Platforms
6.04
Mean B
5.98
Median B
15/15
Above B = 1
Key Structural Finding
Bloomberg Terminal is the deepest structural lock-in in our entire dataset outside TSMC and ASML. SWIFT (p=10) demonstrates that cooperative infrastructure can create even deeper lock-in than corporate platforms. JPMorgan and Goldman prove that decades-long banking relationships create switching costs that no fintech app can overcome through better UX alone.
Sector Rankings — DTCC (15.44) to Refinitiv/LSEG (2.19)
| # | Platform | Ticker | Mkt Cap | Capture | Escape | B | Zone |
|---|---|---|---|---|---|---|---|
| 01 | DTCC | Private | N/A | 2.59 | 0.17 | 15.44 | BLACK HOLE |
| 02 | ICE | ICE | $100B+ | 2.11 | 0.29 | 7.40 | BLACK HOLE |
| 03 | Bloomberg Terminal | Private | Private ~$70B | 2.23 | 0.31 | 7.21 | BLACK HOLE |
| 04 | S&P Global | SPGI | $125B | 2.04 | 0.29 | 7.12 | BLACK HOLE |
| 05 | Moodys | MCO | $80B | 1.99 | 0.29 | 6.94 | BLACK HOLE |
| 06 | SWIFT | - | Cooperative | 1.81 | 0.27 | 6.78 | BLACK HOLE |
| 07 | JPMorgan Chase | JPM | $680B | 2.04 | 0.33 | 6.13 | BLACK HOLE |
| 08 | Equifax | EFX | $30B | 1.97 | 0.33 | 5.98 | BLACK HOLE |
| 09 | Experian | EXPN.L | $45B | 1.92 | 0.33 | 5.82 | BLACK HOLE |
| 10 | TransUnion | TRU | $15B | 1.85 | 0.33 | 5.57 | BLACK HOLE |
| 11 | BlackRock | BLK | $145B | 1.77 | 0.34 | 5.21 | BLACK HOLE |
| 12 | Goldman Sachs | GS | $170B | 1.51 | 0.37 | 4.11 | BLACK HOLE |
| 13 | Interactive Brokers | IBKR | $75B | 1.20 | 0.48 | 2.49 | EVENT HORIZON |
| 14 | Charles Schwab | SCHW | $140B | 1.15 | 0.51 | 2.26 | EVENT HORIZON |
| 15 | Refinitiv/LSEG | LSEG.L | $65B (LSEG) | 1.02 | 0.46 | 2.19 | EVENT HORIZON |
B-Index Distribution
Mean Parameter Profile
Capture Escape Extended