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

SIP revenues totaled $319.5 million in the first three quarters of 2020, up 9.2% from the first three quarters of 2019.


Burton-Taylor is proud to introduce the Quarterly Review of SIP Revenue for U.S. Securities Exchanges Q320 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 2019 and Q119-Q319 and Q120-Q320 period, 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 exchange 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.


For the “whole story” on the Global Exchange industry, see the comprehensive, five-year,  Exchange Global Share & Segment Sizing 2020 (Key Competitors, Global Market Share 2019, Global Segment Sizing 2019, Global Market Trending 2015-19, Global Segment Trending 2015-19 report here.

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