Burton-Taylor is the recognized Exchange industry leader and delivers research on SIP revenues for U.S. Securities Exchanges Q318 .

Overall SIP revenues for U.S. Securities Exchanges have declined 6.0% since 2009. SIP revenues totaled USD293.3 million in the first three quarters of 2018, on pace to slightly surpass 2017 full-year totals.

Burton-Taylor is proud to introduce the Quarterly Review of SIP Revenue for U.S. Securities Exchanges Q318 report analyzing the SIP revenue sharing program for U.S. equity exchanges and transaction reporting facilities (TRFs).  The report analyzes quarterly 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 2009 to 2017 period, as well as an analysis of each exchange holding company’s activity in the first three quarters of 2018.

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, CHX, and AMEX exchanges, as well as the NYSE TRF.
  • IEX: Includes revenue since 2016 when IEX became a registered securities exchange.
  • CHX: Includes revenue for the CHX exchange (prior to being acquired by Intercontinental Exchange).