|
|
Tables 1-4: Network Revenues, Expenses, and Distributions
Tables 1 through 4 set forth the Networks' revenues, expenses, and distributions to their participant SROs. The four Networks are responsible for receiving market information from their SRO participants, consolidating the information, and distributing it to vendors, broker-dealers, and other subscribers. The Networks' administrators and processors perform most of these functions, and their costs are defined in the Plans as "operating expenses" that may be deducted from Network revenues prior to any distribution to participants. The following costs are not included in the Networks' operating expenses: (1) the costs incurred by the SROs in collecting their market information and reporting it to the Network processors, and (2) the costs associated with the SROs' market surveillance function.
|
|
|
|
|
|
Table 1-Network A Revenues, Expenses, and Distributions
($ = thousands)
|
For the years ended December 31,
|
1980
|
1985
|
1990
|
1995
|
2000
|
Revenues:
|
|
|
|
|
|
Professional Subscribers
|
$13,771
|
$35,852
|
$56,233
|
$83,294
|
$133,553
|
Nonprofessional Subscribers
|
--
|
176
|
511
|
960
|
9,473
|
Per Query
|
--
|
--
|
8
|
1,172
|
20,937
|
Cable TV
|
--
|
--
|
--
|
--
|
2,554
|
Access Fees
|
199
|
535
|
606
|
4,315
|
11,471
|
Program Application Fees
|
122
|
360
|
757
|
1,684
|
3,563
|
Ticker Network Charges
|
5,511
|
10,520
|
3,284
|
2,287
|
73
|
Total Revenues
|
19,603
|
47,443
|
61,399
|
93,712
|
181,624
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
Processor Costs
|
3,036
|
2,298
|
3,418
|
5,126
|
7,047
|
Ticker Network
|
2,466
|
6,644
|
2,048
|
1,924
|
--
|
NYSE Allocated Support Costs
|
1,385
|
5,071
|
4,616
|
5,095
|
9,800
|
Taxes and Other
|
1,282
|
(19)
|
1,125
|
971
|
49
|
Total Operating Expenses
|
8,169
|
13,994
|
11,207
|
13,116
|
16,896
|
|
|
|
|
|
|
Net Income Available for
Distribution
|
11,434
|
33,449
|
50,192
|
80,596
|
164,728
|
|
|
|
|
|
|
Distributions:
|
|
|
|
|
|
NYSE
|
9,884
|
25,123
|
33,678
|
57,277
|
123,027
|
NASD
|
79
|
551
|
4,166
|
8,434
|
17,531
|
CHX
|
382
|
2,646
|
4,743
|
4,017
|
9,377
|
PCX
|
571
|
3,085
|
3,976
|
4,166
|
3,852
|
BSE
|
82
|
704
|
1,841
|
1,965
|
5,067
|
CSE
|
66
|
102
|
308
|
3,062
|
4,082
|
Phlx
|
370
|
1,238
|
1,480
|
1,675
|
1,791
|
CBOE
|
--
|
--
|
--
|
--
|
1
|
|
|
|
|
|
|
Table 2-Network B Revenues, Expenses, and Distributions
($ = thousands)
|
For the years ended December 31,
|
1980
|
1985
|
1990
|
1995
|
2000
|
Revenues:
|
|
|
|
|
|
Professional Subscribers
|
$13,982
|
$34,433
|
$48,396
|
$70,837
|
$112,924
|
Nonprofessional Subscribers
|
--
|
79
|
277
|
456
|
8,409
|
Cable TV
|
--
|
--
|
--
|
--
|
250
|
Tickers
|
--
|
4,923
|
2,027
|
2,023
|
1,583
|
Computer Program Charges
|
--
|
--
|
--
|
1,147
|
1,092
|
Indirect Access Charges
|
--
|
71
|
268
|
512
|
1,213
|
Other
|
--
|
20
|
229
|
83
|
--
|
Total Revenues
|
13,982
|
39,526
|
51,197
|
75,058
|
125,471
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
Data Processing Services
|
715
|
230
|
799
|
843
|
695
|
Ticker Network Expenses
|
1,290
|
3,623
|
577
|
511
|
198
|
Amex Allocated Support Costs
|
711
|
1,500
|
4,864
|
2,913
|
3,762
|
Total Operating Expenses
|
2,716
|
5,353
|
6,240
|
4,267
|
4,655
|
|
|
|
|
|
|
Unincorporated Business
Taxes
|
41
|
171
|
383
|
--
|
--
|
|
|
|
|
|
|
Net Income Available for
Distribution
|
11,224
|
34,002
|
44,574
|
70,791
|
120,815
|
|
|
|
|
|
|
Distributions:
|
|
|
|
|
|
Amex
|
10,727
|
28,833
|
35,301
|
57,546
|
71,638
|
CHX
|
25
|
857
|
3,726
|
3,794
|
20,355
|
NASD
|
65
|
696
|
1,774
|
4,524
|
19,445
|
PCX
|
341
|
2,203
|
2,465
|
2,336
|
1,824
|
BSE
|
22
|
200
|
751
|
1,111
|
2,972
|
Phlx
|
44
|
207
|
535
|
1,076
|
338
|
CSE
|
--
|
7
|
22
|
404
|
1,256
|
CBOE
|
--
|
--
|
--
|
--
|
85
|
DIAMONDS
(revenue withheld)
|
--
|
--
|
--
|
--
|
2,901
|
|
|
|
|
|
|
Table 3-Nasdaq System Revenues, Expenses, and Distributions
($ = thousands)
|
For the years ended December 31,
|
1992
|
1994
|
1996
|
1998
|
2000
|
Revenues:
|
|
|
|
|
|
Professional:
|
|
|
|
|
|
Level 1/Last Sale
|
$38,400
|
$53,000
|
$64,500
|
$86,700
|
$98,000
|
NQDS
|
3,800
|
6,600
|
11,300
|
21,200
|
73,300
|
Nonprofessional Subscriber:
|
|
|
|
|
|
Level 1 Per Query1
|
--
|
--
|
--
|
13,500
|
44,400
|
Level 1 Non-pro Subscribers
|
--
|
--
|
--
|
4,700
|
13,900
|
NQDS Non-professional2
|
--
|
--
|
--
|
--
|
1,500
|
Level 1 Voice Response, Other
|
1,300
|
2,500
|
5,800
|
2,500
|
3,400
|
Total Revenue
|
43,500
|
62,100
|
81,700
|
128,500
|
234,500
|
|
|
|
|
|
|
Net Revenue Exclusions
|
--
|
--
|
10,726
|
12,285
|
18,212
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
Direct Expense
|
--
|
--
|
8,943
|
6,750
|
27,732
|
Indirect Expense
|
--
|
--
|
--
|
--
|
1,491
|
|
|
|
|
|
|
Net Income Available for
Distribution
|
43,500
|
62,100
|
61,667
|
109,192
|
187,057
|
|
|
|
|
|
|
Distributions:
|
|
|
|
|
|
NASD Retention
|
43,500
|
61,946
|
61,417
|
108,773
|
183,551
|
CHX
|
--
|
100
|
250
|
419
|
3,505
|
|
|
|
|
|
|
Table 4-OPRA System Revenues, Expenses, and Distributions
($ = thousands)
|
For the years ended December 31,
|
1980
|
1985
|
1990
|
1995
|
2000
|
Revenues:
|
|
|
|
|
|
Professional Subscribers
|
$2,779
|
$6,712
|
$11,174
|
$27,357
|
$51,366
|
Nonprofessional Subscribers
|
--
|
10
|
211
|
624
|
3,813
|
Vendor Fees
|
--
|
--
|
--
|
1,533
|
1,866
|
Interest
|
43
|
47
|
56
|
110
|
240
|
Total Revenues
|
2,822
|
6,769
|
11,440
|
29,624
|
57,285
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
Administrative and Operating
|
197
|
309
|
1,388
|
1,327
|
2,244
|
Processing Costs
|
76
|
316
|
878
|
1,953
|
5,414
|
Total Operating Expenses
|
273
|
625
|
2,266
|
3,280
|
7,658
|
|
|
|
|
|
|
Net Income Available for
Distribution
|
2,549
|
6,144
|
9,174
|
26,344
|
49,628
|
|
|
|
|
|
|
Distributions:
|
|
|
|
|
|
CBOE
|
1,376
|
3,659
|
5,241
|
14,043
|
22,041
|
Amex
|
699
|
1,336
|
1,904
|
5,609
|
15,147
|
Phlx
|
196
|
555
|
943
|
2,943
|
4,774
|
PCX
|
161
|
483
|
931
|
3,489
|
6,864
|
ISE
|
--
|
--
|
--
|
--
|
803
|
NYSE
|
--
|
112
|
156
|
260
|
--
|
CHX
|
54
|
--
|
--
|
--
|
--
|
Endnotes
1 From 1992 to 1996, the Level 1 Per Query and Level 1 Non-Professional were included in Level 1 Voice Response.
2 The NQDS Non-professional service began in August 2000.
http://www.sec.gov/divisions/marketreg/marketinfo/c.htm
|