European exchange stocks stand to benefit from a spike in volatility surrounding the downfall of Credit Suisse, as some investors turn towards bourse operators attracted by their defensive qualities and modest valuations
"Investors tend to look at the exchanges as defensive names. In recessionary environments, we tend to see money being allocated increasingly to the exchanges," said Micheal Werner, senior equity analyst at UBS in London.
Werner said uncertainty over monetary policy should keep bond volatility elevated, supporting exchange stocks, while spikes in equity volatility tend to be bad for investment banking, M&A and customer fund flows at big universal banks.
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