A Review of the U.S. Equity Exchange Landscape

This Burton-Taylor report examines new and incumbent exchanges in the U.S. equity markets. The report profiles each exchange, corporate structure, ownership characteristics, and evaluates prospects for its future success. This study also sizes the U.S. equity exchange landscape in terms of revenue, trading volumes and revenue segment (net transaction revenue, market data and listings).

New exchanges analyzed in the report include:

• Long-Term Stock Exchange
• MEMX
• MIAX PEARL Equities
• The Dream Exchange

Incumbent exchanges in the report include all equity exchanges operated by:

• Cboe Global Markets
•  IEX
• Nasdaq
• New York Stock Exchange