Burton-Taylor is the recognized Exchange industry leader and delivers research on SIP revenues for U.S. Securities Exchanges exit the first quarter of 2019.

SIP revenues totaled USD97.1 million in the first quarter of 2019, down 1.9% from the previous year’s period.


Burton-Taylor is proud to introduce the Quarterly Review of SIP Revenue for U.S. Securities Exchanges 2019 – Q1 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 2011 to 2018 period, as well as an analysis of each exchange holding company’s activity in the first quarter of 2018 and 2019.


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 TRF.
  • 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.


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.


For the “whole story” on the Global Exchange industry, see the comprehensive, five-year,  Exchange Global Share & Segment Sizing 2018 (Key Competitors, Global Market Share 2017, Global Segment Sizing 2017, Global Market Trending 2013-17, Global Segment Trending 2013-17 report here.