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exchange accounting

The companies, products and regulatory developments shaping the broker industry.

Two-thirds of Cboe’s Q3 revenue increase was a zero-margin regulatory pass-through as US equity fees fell

Cboe’s gross revenue rose $217.1m, but a new $143.9m Section 31 line carried an equal expense. Net revenue grew 17.6%, while US equity transaction and clearing fees fell with matched shares.

8 Nov 2026Analysis8 min read

Financial results

Nasdaq’s Market Services revenue rose 26%, but 98% of the increase was absorbed by transaction costs

Market Services gross revenue increased $254m, while transaction-based expenses increased $248m. Net revenue rose only $6m, and Section 31 fees made up 35.5% of cash-equity gross revenue.

8 Nov 2026Analysis9 min read