Direct Answer
7 SEC filers are classified under the Standard Industrial Classification code that describes the securities exchanges industry, and their latest annual reports show $51.2 billion of combined revenue and a median operating margin of 35.1%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Securities exchanges operate venues where stocks and bonds are listed and traded and earn trading fees, listing fees and data revenue. Market share, volume and data subscriptions drive results. The first numbers to compare across companies here are trading volume and market share, net capture per share and listing revenue.
Key Industry Metrics
- Trading volume and market share: Number of shares traded and the exchange's portion of the total. Market share shows competitiveness against rival venues.
- Net capture per share: Revenue kept per share traded after rebates and fees paid to routing. It shows pricing and mix, and changes with competition.
- Listing revenue: Fees from companies that list their shares, initial and annual. Annual fees are steady, and initial fees rise with new issues.
- Data and technology revenue: Revenue from market data, indexes and technology services. It is recurring and less tied to trading volume.
- Operating margin: Operating income as a share of revenue. Scale and fixed costs give wide margins, and show cost control.
Primary Macro Drivers
- Market volume and volatility: Trading and listings rise with activity and price swings, so volume moves fee revenue and net capture per share.
- IPO activity: New listings bring one-time and annual fees, so IPO activity lifts listing revenue.
- Data demand: Market participants buy data and analytics for trading and compliance, giving subscription revenue less tied to volume.
- Regulation and competition: Rules on competition between venues and fees shape market share and pricing. Watch regulatory proposals and net capture per share.
Major Risks
- Volume declines: Quiet markets cut trading fees while costs remain. Watch trading volume and market share and operating margin.
- Fee competition: Rival venues cut fees to win flow, lowering revenue per share. Watch market share and net capture per share.
- Regulatory changes: Changes to fee caps, access rules or data pricing can reduce revenue. Watch regulatory proposals and legal proceedings.
- Technology outages: Outages halt trading and damage trust. Watch uptime disclosures and technology spending.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Mixed |
| Capital Intensity | Low |
| Regulatory Intensity | High |
| Industry Maturity | Mature |
| Geographic Importance | U.S. / Global |
Securities Exchanges Filers in the SEC Record
7 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 6200. Their latest fiscal years end between 2024 and 2025, and together they reported $51.2 billion of revenue. Median revenue growth over the prior year was 15.1%. Median operating margin was 35.1% and median net margin 23.3%. Median total liabilities were 71% of total assets, and 6 of 7 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Lpl Financial Holdings Inc. | $17.0 billion | 37.2% | n/a | 5.1% | FY 2025 |
| Intercontinental Exchange, Inc. | $12.6 billion | 7.5% | 39.0% | 26.2% | FY 2025 |
| Nasdaq, Inc. | $8.3 billion | 11.6% | 28.2% | 21.6% | FY 2025 |
| Cme Group Inc. | $6.5 billion | 6.4% | 64.9% | 62.5% | FY 2025 |
| Cboe Global Markets, Inc. | $4.7 billion | 15.1% | 31.1% | 23.3% | FY 2025 |
| Tradeweb Markets Inc. | $2.1 billion | 18.9% | 40.7% | 39.6% | FY 2025 |
| Streamex Corp. | $40,000 | 122.2% | -32155.0% | -25825.0% | FY 2024 |
Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The Securities Exchanges guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
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Frequently Asked Questions
What are the main KPIs for the Securities Exchanges industry?
Key performance indicators for the Securities Exchanges industry include: Trading volume and market share, Net capture per share, Listing revenue, Data and technology revenue, Operating margin. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Securities Exchanges industry?
The Securities Exchanges industry exhibits mixed cyclicality characteristics. Some segments move with the broader economy while others maintain more stable demand, making stock selection within the group particularly important.
What are the biggest risks in the Securities Exchanges industry?
The primary risks for Securities Exchanges companies include: Volume declines, Fee competition, Regulatory changes, Technology outages. Investors should assess each company's exposure to these factors and its track record of navigating them.