OTC Markets Group’s (OTCM) Q2 results were ahead of our expectations, with a 3% revenue beat translating into operating profits nearly 10% above our estimate: evidence of the potential operational gearing present in the business. We have increased our pre-tax profit estimates by 6% and 8% for this year and next while, on a longer view, the continued increase in the number of states that grant OTCM markets Blue Sky recognition should increase the appeal of these cost-effective trading venues to corporates.

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