Wednesday, January 04, 2006

NYSE Seats Sell For $49k/Year

The NYSE announced this morning that they've sold 1,274 trading licenses at an annual price of $49,290. This represents annual recurring revenue in excess of $60mm. And the deal hasn't even closed yet!

To put that recurring revenue in context, it helps to look at NDAQ's income statement. In 2004, the NDAQ had revenue of $540mm. This means that the first transaction that the NYX has completed will result in ~11% of NDAQ's 2004 total revenue. That $60mm also represents ~65% of NDAQ's free cash flow.

This is awesome by any measure. .


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