New Delhi, July 7 -- With the National Stock Exchange (NSE) having filed for its long-awaited initial public offering, global brokerage Jefferies believes the exchange is entering the market with one of the strongest business models among global exchange operators.

According to the brokerage, NSE's leadership across trading segments, growing technology business, healthy balance sheet and resilient earnings profile differentiate it from peers.

Shares of BSE, MCX and IEX fell up to 4% after Jefferies highlighted the NSE's competitive strengths ahead of its proposed IPO.

Here are the five key takeaways from Jefferies' note:

India's exchange business has undergone a structural shift, with equity derivatives-particularly options-emerging a...