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  "docSlug": "9250edf61831",
  "documentTitle": "MSCI Inc. (MSCI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2024-01-17 00:00:00",
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      "text": "MSCI already fails to disclose that Nasdaq is a competitor within its Index segment while also growing its ESG solutions business.",
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      "text": "MSCI should be concerned that exchanges such as the Nasdaq are becoming more embedded with technology and software solutions among its customer base across the financial ecosystem. For example, on November 1st, Nasdaq acquired Adenza in a $10.5 billion deal. Adenza is a provider of risk management, reporting and capital markets software. MSCI already fails to disclose that Nasdaq is a competitor within its Index segment while also growing its ESG solutions business. Nasdaq is well positioned to collect ESG data from its market listed clients. The combination of Nasdaq and Adenza is expected to unlock valuable cross-selling and growth opportunities.",
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      "kind": "quote",
      "text": "Among our Index competitors are S&P Dow Jones Indices LLC (a joint venture of S&P Global Inc. and CME Group Inc.); FTSE Russell, a subsidiary of the London Stock Exchange Group plc; and Solactive AG. — MSCI",
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      "kind": "source-note",
      "text": "Sources: Nasdaq and MSCI 10-K, Adenza Deal Announcement and Investor Presentation and Supplemental, Nasdaq ESG Solutions",
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      "text": "MSCI's Index Competition Disclosure vs Nasdaq Index Competition Disclosure",
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      "text": "The Nasdaq / Adenza Strategic Rationale and product matrix",
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      "text": "MSCI Fails To Disclose Nasdaq Is An Index Competitor Adding To Software Solutions",
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