SELECT MARKET DATA

2017

Contents

Unconsolidated Financial Information for Broker-Dealers ...................................................................................................... 2

Unconsolidated Annual Revenues and Expenses for Broker-Dealers Doing a Public Business ........................................... 3

Unconsolidated Balance Sheet for Broker-Dealers Doing a Public Business Year-End ........................................................ 4

Unconsolidated Revenues and Expenses for Carrying/Clearing Broker-Dealers ................................................................. 5

Unconsolidated Balance Sheet for Carrying/Clearing Broker-Dealers .................................................................................. 6

Transaction Activity In Equities, Options, and Security Futures .............................................................................................. 7
2

2012 2013 2014 2015 2016

Revenues

Securities Commissions $ 40,565.8 $ 40,110.9 $ 39,484.1 $ 37,290.1 $ 34,286.2

Gains (Losses) in Trading and 

 Investment Accounts 26,879.6 21,249.9 21,581.4 16,430.8 21,784.8

Profits (Losses) from Underwriting

 and Selling Groups 27,911.3 31,990.8 33,486.1 30,687.1 26,893.6

Margin Interest 7,196.0 7,090.8 8,235.9 8,434.9 8,863.7

Revenues from Sale of Investment

 Company Shares 20,147.1 21,613.3 22,767.6 22,121.5 2,0413

All Other Revenues 141,714.5 150,405.0 153,880.9 160,742.7 166,468.8

Total Revenues $ 264,414.3 $ 272,460.7 $ 279,435.8 $ 275,707.1 $ 278,710.2

Expenses

Registered Representatives’

 Compensation (Part II Only) 2/ $ 42,657.8 $ 48,455.6 $ 52,780.4 $ 52,682.2 $ 52,353.5

Other Employee Compensation

 and Benefits 58,144.1 57,577.5 57,509.6 58,982.8 57,719.7

Compensation to Partners and

 Voting Stockholder Officers 3,884.9 3,929.6 4,231.1 4,173.5 3,873.7

Commissions and Clearance Paid

 to Other Brokers 24,179.1 25,124.4 25,741.7 25,106.3 23,118.4

Interest Expenses 20,623.4 16,587.6 15,869.0 16,108.6 23,661.2

Regulatory Fees and Expenses 2,137.4 2,456.6 2,642.7 2,674.3 2,800.6

All Other Expenses 2/ 78,224.1 89,699.3 95,087.1 91,174.7 87,665.0

Total Expenses $ 229,850.8 $ 243,830.7 $ 253,861.6 $ 250,902.4 $ 251,192.0

Income and Profitability

Pre-tax Income $ 34,563.5 $ 28,629.9 $ 25,574.2 $ 24,804.8 $ 27,518.2

Pre-tax Profit Margin 13.1% 10.5% 9.2% 9.0% 9.9%

Pre-tax Return on Equity 3/ 14.7% 12.0% 10.5% 10.2% 11.3%

Assets, Liabilities and Capital

Total Assets $4,892,076.0 $4,590,749.0 $4,440,222.3 $4,051,280.8 $3,906,328.6

Liabilities

(a) Unsubordinated Liabilities 4,540,797.7 4,234,171.3 4,078,990.5 3,690,331.9 3,549,074.8

(b) Subordinated Liabilities 116,873.7 113,897.2 118,147.7 115,967.7 116,051.4

(c) Total Liabilities $4,657,671.4 $4,348,068.5 $4,197,138.2 $3,806,299.7 $3,665,126.2

Ownership Equity $ 234,404.6 $ 242,680.4 $ 243,084.1 $ 244,981.2 $ 241,202.4

Number of Firms 4,761 4,555 4,380 4,247 4,135

TABLE 1

UNCONSOLIDATED FINANCIAL INFORMATION 

FOR BROKER-DEALERS

2012 – 2016 1/

($ in Millions)

Figures may not add due to rounding.

1/ Calendar, rather than fiscal, year data is reported in this table. 

2/ Registered representatives’ compensation for firms that neither carry nor clear is included in “other expenses” as this expense item is not

reported separately on Part IIA of the FOCUS Report. 

3/ The denominator in the ROE calculation is the average total equity of sample firms at the start and end of the period. Entry and exit of firms

do not have a material impact on the calculated ROE. 

Source: FOCUS Report
3

2012 2013 2014 2015 2016

Revenues

Securities Commissions $ 4 0,394.1 $ 39,508.0 $ 39,256.6 $ 37,080.3 $ 34,063.6

Gains (Losses) in Trading and

Investment Accounts 21,154.3 16,187.8 15,967.3 11,805.7 17,398.9

Profits (Losses) from Underwriting

and Selling Groups 27,911.3 31,583.1 33,486.1 30,687.1 26,886.6

Margin Interest 7,195.9 6,979.0 8,235.9 8,434.9 8,863.7

Revenues from Sale of Investment

Company Shares 20,147.1 21,613.3 22,767.6 22,121.5 20,413.0

All Other Revenues 139,745.3 146,838.3 152,644.3 158,294.3 164,173.4

Total Revenues $256,548.0 $262,709.5 $272,357.7 $268,423.7 $271,799.1

Expenses

Registered Representatives’

Compensation (Part II Only) 2/ $ 42,657.6 $ 48,412.3 $ 52,779.8 $ 52,655.5 $ 52,322.6

Other Employee Compensation

and Benefits 57,146.8 55,777.9 56,699.4 58,078.9 56,967.3

Compensation to Partners and

Voting Stockholder Officers 3,798.9 3,846.6 4,182.0 4,115.3 3,811.1

Commissions and Clearance Paid

to Other Brokers 23,372.5 24,300.2 25,075.4 24,269.9 22,235.7

Interest Expenses 20,029.3 15,958.2 15,489.5 15,702.2 23,221.6

Regulatory Fees and Expenses 1,846.0 2,135.2 2,354.1 2,396.4 2,532.4

All Other Expenses 2/ 75,744.7 86,514.9 92,754.4 88,928.7 85,365.8

Total Expenses $224,595.8 $236,945.3 $249,334.6 $246,147.0 $246,456.6

Income and Profitability

Pre-tax Income $ 31,952.2 $ 25,764.3 $ 23,023.1 $ 22,276.7 $ 25,342.5

Pre-tax Profit Margin 12.5% 9.8% 8.5% 8.3% 9.3%

Pre-tax Return on Equity 3/ 14.3% 11.3% 9.9% 9.5% 10.8%

Number of Firms 4,564 4,344 4,268 4,145 4,042

TABLE 2

UNCONSOLIDATED ANNUAL REVENUES AND EXPENSES 

FOR BROKER-DEALERS DOING A PUBLIC BUSINESS

2012 – 2016 1/

($ in Millions)

Figures may not add due to rounding.

1/ Calendar, rather than fiscal, year data is reported in this table.

2/ Registered representatives’ compensation for firms that neither carry nor clear is included in “other expenses”as this expense item is not

reported separately on Part IIA of the FOCUS Report.

3/ The denominator in the ROE calculation is the average total equity of sample firms at the start and end of the period. Entry and exit of

 firms do not have a material impact on the calculated ROE. 

Source: FOCUS Report
4

TABLE 3

UNCONSOLIDATED BALANCE SHEET FOR 

BROKER-DEALERS DOING A PUBLIC BUSINESS YEAR-END,

2012 – 2016 1/

($ in Millions)

2012 2013 2014 2015 2016

Assets

Cash $ 133,315.9 $ 116,200.0 $ 115,069.7 $ 109,248.4 $ 122,127.1

Receivables from Other 

 Broker-Dealers 1,248,634.3 1,326,605.7 1,400,125.0 1,262,422.9 1,116,096.0

Receivables from Customers 215,394.9 241,662.3 257,173.9 227,664.6 224,993.7

Receivables from Non-customers 89,242.5 98,637.6 105,759.2 62,981.8 53,242.3

Long Positions in Securities

and Commodities 11,162,455.0 1,041,076.9 974,828.6 849,498.6 863,078.2

Securities and Investments

not Readily Marketable 22,039.8 26,240.3 32,613.2 27,038.3 21,593.2

Securities Purchased Under

Agreements to Resell

(Part II only) 2/ 1,631,034.7 1,316,329.3 1,145,352.5 1,130,326.1 1,110,112.4

Exchange Membership 238.2 210.6 215.8 285.4 263.0

Other Assets 2/ 265,373.2 294,719.7 293,462.6 280,725.8 299,391.9

Total Assets $4,767,728.5 $4,461,682.4 $4,324,601.4 $3,950,192.0 3,810,897.7

Liabilities and Equity Capital

Bank Loans Payable $ 57,936.3 $ 67,882.6 $ 78,838.8 $ 42,422.7 $ 56.002.4

Payables to Other Broker-dealers 678,523.4 660,795.9 677,608.9 558,967.3 451,984.2

Payables to Non-customers 45,106.6 41,208.9 47,601.1 45,703.3 50,250.1

Payables to Customers 731,662.1 791,642.2 835,830.3 825,668.5 820,879.5

Short Positions in Securities

and Commodities 368,904.7 369,823.3 374,512.4 336,306.2 317,325.7

Securities Sold Under 

Repurchase Agreements

(Part II only) 2/ 2,185,299.8 1,761,037.4 1,539,035.2 1,355,075.3 1,305,706.9

Other Non-subordinated 

Liabilities 2/ 360,509.2 423,470.9 417,986.4 434,190.4 458,568.3

Subordinated Liabilities 116,783.3 113,787.8 118,102.0 115,934.0 116,017.0

Total Liabilities $4,544,725.4 $4,229,649.0 $4,089,515.0 $3,714,267.7 3,576,734.1

Equity Capital $ 223,003.1 $ 232,033.4 $ 235,086.3 $ 235,924.3 234,163.6

Number of Firms 3/ 4,286 4,173 4,115 3,981 3,879

Figures may not add due to rounding.

1/ Calendar, rather than fiscal, year data is reported in this table.

2/ Resale agreements and repurchase agreements for firms that neither carry nor clear are included in “other assets” and “other”

 non-subordinated liabilities,” respectively, as these items are not reported separately on Part IIA of the FOCUS Report.

3/ Due to entry and exit of firms during the course of the year, the number of firms reported in Tables 6 and 7 differ.

Source: FOCUS Report
5

Figures may not add due to rounding.

1/ Calendar, rather than fiscal, year data is reported in this table.

Note: Includes information form firms doing a public business that carry customer accounts or clear securities transactions.

2/ The denominator in the ROE calculation is the average total equity of sample firms at the start and end of the period. Entry and exit of

 firms do not have a material impact on the calculated ROE.

Source: FOCUS Report

2015 2016

Dollars

Percent 

of Total 

Revenues Dollars

Percent 

of Total 

Revenues

Percent 

Change

2015–2016

Revenues

Securities Commissions $ 28,765.2 13.8% $ 26.925.0 12.5% -6.4%

Gains (Losses) in Trading and

Investment Accounts 8,800.0 4.2% 14,949.0 7.0% 69.9%

Profits (Losses) from Underwriting

and Selling Groups 8,800.0 4.2% 23,089.1 10.7% 162.4% 

Margin Interest 8,434.9 4.1% 8863.7 4.1% 5.1%

Revenues from Sale of Investment

Company Shares 11,899.8 5.7% 11,003.9 5.1% -7.5%

Miscellaneous Fees 49,811.3 23.9% 51,516.8 24.0% 3.4%

Revenues from Research 253.9 0.1% 292.0 0.1% 15.0%

Commodities Revenues 2,684.9 1.3% 2,863.6 1.3% 6.7% 

All Other Revenues 71,337.7 34.3% 75,590.0 35.1% 6.0% 

Total Assets $207,992.6 100.0% $215,093.0 100.0% 3.4%

Expenses

Registered Representatives’

Compensation $ 52,655.5 25.3% $ 52,322.6 24.3% -0.6%

Other Employee Compensation

and Benefits 42,545.8 20.5% 41,652.6 19.4% -2.1%

Compensation to Partners and

Voting Stockholder Officers 1,671.2 0.8% 1,674.0 0.8% 0.2%

Commissions and Clearance Paid

to Other Brokers 11,561.1 5.6% 11,141.2 5.2% -3.6%

Communications 6,589.3 3.2% 6,066.8 2.8% -7.9%

Occupancy and Equipment Costs 6,969.8 3.4% 6,873.0 3.2% -1.4%

Data Processing Costs 2,766.8 1.3% 2,724.1 1.3% -1.5%

Interest Expenses 15,557.7 7.5% 23,063.3 10.7% 48.2%

Regulatory Fees and Expenses 2,027.3 1.0% 2,149.8 1.0% 6.0%

Losses in Error Accounts and

Bad Debts 364.6 0.2% 311.3 0.1% -14.6%

All Other Revenues 48,088.8 23.1% 46,282.6 21.5% -3.8%

Total Assets $190,797.9 91.7% $194,261.4 90.3% 1.8%

TABLE 4

UNCONSOLIDATED REVENUES AND EXPENSES FOR 

CARRYING/CLEARING BROKER-DEALERS 2015–2016 1/

($ in Millions)

Income and Profitability

Pre-tax Income $ 17,194.8 8.3% $ 20,831.7 9.7% 21.2%

Pre-tax Profit Margin 8.3% 9.7%

Pre-tax Return on Equity 8.1% 9.8%

Number of Firms 2/ 480 486
6

Figures may not add due to rounding.

1/ Calendar, rather than fiscal, year data is reported in this table.

Note: Includes information for firms doing a public business that carry customer accounts or clear securities transactions.

2/ Due to entry and exit of firms during the course of the year, the number of firms reported in Tables 8 and 9 differ.

Source: FOCUS Report

2015 2016

Dollars

Percent 

of Total 

Assets Dollars

Percent 

of Total 

Assets

Percent 

Change

2015–2016

Assets

Cash $ 102,945.9 2.6% $ 115,634.6 3.1% 12.3%

Receivables from Other Broker-Dealers 1,257,054.0 32.2% 1,112,018.2 29.6% -11.5

(a) Securities Failed to Deliver 24,000.2 0.6% 21,789.1 0.6% -9.2

(b) Securities Borrowed 1,093,745.8 28.0% 943,603.4 25.1% -13.7

(c) Other 139,308.0 3.6% 146,625.7 3.9% 5.3 

Receivables from Customers 227,664.6 5.8% 224,993.7 6.0% -1.2

Receivables from Non-customers 61,690.7 1.6% 51,994.2 1.4% -15.7

Long Positions in Securities and Commodities 832,206.2 21.3% 833,793.5 22.2% 0.2 

(a) Bankers Acceptances, Certificates of 

Deposit and Commercial Paper 19,471.9 0.5% 13,772.4 0.4% -29.3 

(b) U.S. and Canadian Government Obligations 523,495.9 13.4% 516,511.4 13.7% -1.3

(c) State and Municipal Government Obligations 13,438.4 0.3% 20,262.7 0.5% 50.8

(d) Corporate Obligations 75,329.8 1.9% 72,798.9 1.9% -3.4

(e) Stocks and Warrants 146,351.1 3.7% 154,563.0 4.1% 5.6

(f) Options 17,134.9 0.4% 17,842.8 0.5% 4.1

(g) Arbitrage 2,490.8 0.1% 3,745.7 0.1% 50.4 

(h) Other Securities 34,477.7 0.9% 34,296.4 0.9% -0.5

(i) Spot Commodities 15.5 0.0% 0.0 0.0% -100.0

Securities and Investments Not Readily Marketable 26,764.8 0.7% 21347.1 0.6% -20.2 

Securities Purchased Under Agreements to Resell 1,130,326.1 28.9% 1,110,112.4 29.5% -1.8

Exchange Membership 274.2 0.0% 251.5 0.0% -8.3

Other Assets 268,102.7 6.9% 286,920.2 7.6% 7.0

Total Assets $3,907,029.2 100.0% $3,757,065.3 100.0% -3.8%

Liabilities and Equity Capital

Bank Loans Payable $ 41,879.1 1.1% $ 50,748.4 1.4% 21.2%

Payables to Other Broker-dealers 555,658.3 14.2% 444,187.9 11.8% -20.1

(a) Securities Failed to Receive 22,751.0 0.6% 22,224.3 0.6% -2.3

(b) Securities Loaned 473,710.5 12.1% 375,813.4 10.0% -20.7

(c) Other 59,196.9 1.5% 46,150.1 1.2% -22.0

44,960.1 1.2% 49,530.8 1.3% 10.2

825,668.5 21.1% 820,879.5 21.8% -0.6

327,930.3 8.4% 307,356.0 8.2% -6.3

1,355,075.3 34.7% 1,305,706.9 34.8% -3.6

427,778.6 10.9% 452,142.9 12.0% 5.7

115,517.2 3.0% 115,553.6 3.1% 0.0

$3,694,467.4 94.6% $3,546,105.9 94.4% -4.0%

$ 212,561.8 5.4% $ 210,959.4 5.6% -0.8%

Payables to Non-customers

Payables to Customers

Short Positions in Securities and Commodities

Securities Sold Under Repurchase Agreements

Other Non-subordinated Liabilities

Subordinated Liabilities

Total Liabilities

Equity Capital

Number of Firms 2/ 461 468

TABLE 5

UNCONSOLIDATED BALANCE SHEET FOR CARRYING/

CLEARING BROKER-DEALERS YEAR-END, 2015–2016 1/

($ in Millions)
7

Market Value of Sales (millions)

Option Exercises Security

Equity Option and Futures Futures

Year Total Trading Trading Deliveries Trading1

1997 $11,692,830 $11,487,872 $104,535 $100,422 N/A 

1998 $15,164,183 $14,903,153 $140,261 $120,769 N/A

1999 $23,218,783 $22,813,331 $260,294 $145,159 N/A

2000 $36,275,278 $35,557,087 $485,106 $233,085 N/A

2001 $26,138,050 $25,636,203 $277,549 $224,298 N/A

2002 $23,028,157 $22,657,944 $161,278 $208,935 307,169

2003 $22,737,469 $22,291,534 $164,085 $281,851 2,501,247

2004 $27,875,851 $27,158,223 $222,962 $494,666 2,175,093

2005 $34,567,580 $33,222,684 $350,365 $994,531 5,493,850

2006 $43,940,594 $41,797,793 $531,302 $1,611,498 7,793,480

2007 $66,135,906 $63,064,287 $860,659 $2,210,959 7,858,431

2008 $82,012,446 $78,653,007 $1,095,766 $2,263,674 3,733,682

2009 $59,849,805 $57,565,681 $709,842 $1,574,282 2,728,266

2010 $64,008,305 $61,146,333 $724,614 $2,137,358 4,774,046

2011 $70,100,192 $66,682,887 $923,389 $2,493,916 3,672,898

2012 $59,370,606 $55,619,547 $937,604 $2,813,454 6,394,016

2013 $62,899,444 $59,514,598 $751,661 $2,633,185 9,545,882

2014 $69,979,265 $66,354,328 $761,922 $2,863,015 10,914,857

2015 $74,148,435 $70,790,348 $720,461 $2,637,626 11,710,494

2016 $72,494,313 $69,263,713 $647,190 $2,583,409 12,386,103

 Calendar Year 2016

BATS Exchange, Inc. $5,067,292 $4,742,630 $64,561 $260,101

BATS Y-Exchange, Inc. $2,521,772 $2,521,772

BOX Options Exchange LLC $79,311 $15,959 $63,352

C2 Options Exchange, Inc. $50,442 $10,264 $40,178

Chicago Board Options Exchange, Inc. $504,420 $102,342 $402,078

The Chicago Stock Exchange, Inc. $583,058 $583,058

EDGA Exchange, Inc. $1,610,563 $1,610,563

EDGX Exchange, Inc. $4,836,015 $4,807,784 $5,887 $22,344

FINRA, Inc. $23,782,610 $23,782,610

International Securities Exchange, LLC $453,332 $91,249 $362,083

Investors’ Exchange LLC $405,977 $405,977

ISE Mercury, LLC $4,245 $913 $3,332

Miami International 

Securities Exchange, LLC $171,843 $33,892 $137,951

NASDAQ OMX BX $1,660,150 $1,636,509 $4,583 $19,058

NASDAQ OMX PHLX $1,342,279 $719,286 $125,321 $497,672

The Nasdaq Stock Market LLC $11,312,857 $11,081,018 $46,634 $185,206

National Stock Exchange, Inc. $8,281 $8,281

New York Stock Exchange, Inc. $8,621,406 $8,621,406

NYSE Amex LLC $345,194 $36,257 $62,677 $246,260

NYSE Arca, Inc. $9,053,039 $8,706,563 $69,857 $276,618

OneChicago, LLC $19,449 $19,449 12,386,103

Data are the value of all sales of equities and options listed on an exchange or subject to last‐sale reporting. Also reported are the value of such 

options that were exercised, the value of single‐stock futures that were delivered, and the number of round turn contracts in single‐stock futures 

traded on an exchange. Specifically excluded are options and futures on indexes.

1 This is the number of round turn contracts, or one purchase and one sale of a contract for future delivery. Security futures began trading in 

 November 2002.

Sources: Form R31 for October 2003 and later months. For September 2003 and earlier months, submissions to the SEC by national securities 

exchanges, the NASD, and the OCC, and various issues of the Nasdaq Factbook.

TABLE 6

TRANSACTION ACTIVITY IN EQUITIES, 

OPTIONS, AND SECURITY FUTURES