Valuation of a Stock Exchange

Hi all,

Anyone knows how to value a stock exchange (eg: Nasdaq, NYSE) on a granular level (revenue drivers, cost drivers)?

Usually, a stock exchange revenues can come from 1-Fixed Income & Equities, 2 - Derivatives, 3- Data and Connectivity. I can imagine that one segment of the revenue would contain this formula DDAV x Trading Days in a Year x Average Clearing Fees.

How about turnover velocity? ADT? Membership Revenue. If anyone has an excel template, it would be awesome! I could trade other models such F&B (Palm Oil, QSR), Tech (GMV), Energy (Water Recycling Plant) for stock exchange model.

Thank you! :)