Burton-Taylor is the recognized Exchange industry leader and delivers research on SIP revenues for U.S. Securities Exchanges for 2020.

SIP revenues totaled $423.0 million in 2020, up 8.6% from 2019.


Burton-Taylor is proud to introduce the Quarterly Review of SIP Revenue for U.S. Securities Exchanges 2020 report analyzing the SIP revenue sharing program for U.S. equity exchanges and transaction reporting facilities (TRFs).  The report analyzes yearly quote and trade revenue and messaging data for Tape A, Tape B and Tape C equity securities.  The report also provides historical annual revenue and messaging totals for the 2012 to 2020, as well as an analysis of each exchange holding company’s activity over the same time period.


The report analyzes revenue for the following U.S. exchange holding companies and transaction reporting facilities (TRFs):

  • Nasdaq LLC: Includes revenue for the NSDQ, BX and PSX exchanges, as well as the NASDAQ TRFs.
  • Cboe Global Markets: Includes revenue for the BZX, CBSX, EDGA, BYX, and EDGX exchanges.
  • NYSE: Includes revenue for the NYSE, NYSE National, ARCA, NYSE Chicago, and AMEX exchanges, as well as the NYSE TRF.
  • IEX: Includes revenue since 2016 when IEX became a registered securities exchange.
  • Other: New equity exchanges launched in the third quarter of 2020: LTSE, MEMX and MIAX. These exchanges began earning SIP revenue share during the quarter.


CRITICAL:  This report does NOT carry “enterprise” distribution rights.  It may be shared with “up to five users, within the same firm”.  Should you require enterprise distribution rights, the right to share the report or data with other firms, or the right to use the report or data in regulatory filings or publicly available marketing materials, please email questions@burton-taylor.com for pricing.

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