$Bank of America Corp(BAC-N)$ (BAC) analysts said they are more bullish on Cboe Global Markets, CME Group (CME) and Intercontinental Exchange, citing the firms' market positioning and customer bases following disruption from perpetual futures contracts, Bloomberg reported Thursday.

Analysts led by Craig Siegenthaler called Cboe's roughly 30% slump from mid-May to the end of June an "overreaction," pointing to structural advantages in equity options and a professional customer base that reduces the risk of losing business to competing products, the report said.

CME, which is suing US regulators over their approach to perpetual futures, could see a "win-win" outcome regardless of the case's result, Siegenthaler said, according to the report.

A win could slow competitors like Kalshi and Coinbase, while a loss would still let CME rely on its exclusive rights over S&P 500 and Nasdaq 100 futures, the report said.

ICE's franchise is protected by its institutional commodity futures business and its investments in offshore crypto exchange OKX and prediction market Polymarket, which let it "play both sides of the trade," Siegenthaler said, according to the report.