AI-assembled from public SEC filings
Brokers, exchanges, and market infrastructure peer review
Descriptive comparison assembled from public SEC filings and verified companyfacts.
Descriptive comparison — not investment advice. This feature-specific review is assembled from a frozen evidence pack of public SEC filing quotes and verified SEC companyfacts numbers. It is descriptive only and makes no judgment about which company is better. It is not a rating, recommendation, endorsement, forecast, or investment advice. Figures are as of their cited filing dates. See Disclaimer.
Governing statutes (not legal advice)
Descriptive law cross-reference — not legal advice. grepcent publishes a curated industry-to-statute association only. This is not legal advice. It does not interpret statutes, assess company conduct, or mirror statute text. Deep links go to neochart.
Statutes grepcent curates as governing this industry, deep-linked to neochart's official text. Case-citation counts are shown as an importance signal, not the selection criterion. Not legal advice. Citing cases are shown as a case-citation in-degree importance signal, not an endorsement.
- 15 U.S.C. § 78j: § 78j. Manipulative and deceptive devices
- 15 U.S.C. § 78o: § 78o. Registration and regulation of brokers and dealers
- 15 U.S.C. § 78f: § 78f. National securities exchanges
Methodology
Mechanical brokers-and-exchanges cluster: the top 12 existing grepcent companies by latest reported revenue from SEC SIC 6200 Security & Commodity Brokers, Dealers, Exchanges & Services and SIC 6211 Security Brokers, Dealers & Flotation Companies, requiring latest revenue and net income facts.
The cluster is selected mechanically from public SEC SIC 6200 and 6211 companies already present in grepcent's processed universe, sorted by latest reported revenue. It includes broker-dealers, exchanges, electronic brokers, and market-infrastructure firms because those are adjacent SEC SIC pools. The review publishes no proprietary index-membership labels.
Provenance
Verified Quantitative Matrix
Numbers are templated from frozen SEC companyfacts-derived facts already verified by grepcent. Fiscal periods and filing dates are shown in each cell; comparability markers use day-level period ends and reported XBRL source concepts.
| Metric | SNEX | MS | GS | BLK | SCHW | LPLA | RJF | ICE | JEF | NDAQ | CME | SF |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Mixed reporting concepts: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues, us-gaap:RevenuesNetOfInterestExpense. Ticker concepts: BLK -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; CME -> us-gaap:Revenues; GS -> us-gaap:RevenuesNetOfInterestExpense; ICE -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; JEF -> us-gaap:Revenues; LPLA -> us-gaap:Revenues; MS -> us-gaap:RevenuesNetOfInterestExpense; NDAQ -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; RJF -> us-gaap:Revenues; SCHW -> us-gaap:Revenues; SF -> us-gaap:Revenues; SNEX -> us-gaap:Revenues. | 132,378,200,000 source Day-level period offset: about 3 months before row reference (-92d) vs row reference 2025-12-31; offset. | 70,645,000,000 source | 58,283,000,000 source | 24,216,000,000 source | 23,921,000,000 source | 16,989,479,000 source | 15,912,000,000 source Day-level period offset: about 3 months before row reference (-92d) vs row reference 2025-12-31; offset. | 12,640,000,000 source | 10,823,677,000 source Day-level period offset: -31d vs row reference 2025-12-31; offset. | 8,262,000,000 source | 6,520,600,000 source | 6,347,533,000 source |
| Net margin Mixed reporting concepts: us-gaap:NetIncomeLoss, us-gaap:ProfitLoss, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues, us-gaap:RevenuesNetOfInterestExpense. Ticker concepts: BLK -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; CME -> us-gaap:NetIncomeLoss + us-gaap:Revenues; GS -> us-gaap:NetIncomeLoss + us-gaap:RevenuesNetOfInterestExpense; ICE -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; JEF -> us-gaap:ProfitLoss + us-gaap:Revenues; LPLA -> us-gaap:NetIncomeLoss + us-gaap:Revenues; MS -> us-gaap:NetIncomeLoss + us-gaap:RevenuesNetOfInterestExpense; NDAQ -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; RJF -> us-gaap:NetIncomeLoss + us-gaap:Revenues; SCHW -> us-gaap:NetIncomeLoss + us-gaap:Revenues; SF -> us-gaap:NetIncomeLoss + us-gaap:Revenues; SNEX -> us-gaap:NetIncomeLoss + us-gaap:Revenues. | 0.23% source Day-level period offset: about 3 months before row reference (-92d) vs row reference 2025-12-31; offset. | 23.87% source | 29.47% source | 22.93% source | 37.01% source | 5.08% source | 13.42% source Day-level period offset: about 3 months before row reference (-92d) vs row reference 2025-12-31; offset. | 26.23% source | 6.30% source Day-level period offset: -31d vs row reference 2025-12-31; offset. | 21.64% source | 62.45% source | 10.77% source |
| Operating margin Mixed reporting concepts: us-gaap:OperatingIncomeLoss, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues. Ticker concepts: BLK -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; CME -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; ICE -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; NDAQ -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; SF -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; SNEX -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues. | -0.06% source Day-level period offset: different fiscal year (457 days before row reference) vs row reference 2025-12-31; offset. | Not available. | Not available. | 29.09% source | Not available. | Not available. | Not available. | 39.00% source | Not available. | 28.21% source | 64.86% source | 15.60% source Day-level period offset: different fiscal year (365 days before row reference) vs row reference 2025-12-31; offset. |
| Free cash flow Mixed reporting concepts: us-gaap:NetCashProvidedByUsedInOperatingActivities, us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations, us-gaap:PaymentsToAcquireProductiveAssets, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Ticker concepts: BLK -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; CME -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; GS -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; ICE -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; JEF -> us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; LPLA -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; NDAQ -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; RJF -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; SCHW -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; SF -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireProductiveAssets; SNEX -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. | 4,322,900,000 source Day-level period offset: about 3 months before row reference (-92d) vs row reference 2025-12-31; offset. | Not available. | -47,218,000,000 source | 3,552,000,000 source | 8,763,000,000 source | -981,780,000 source | 2,246,000,000 source Day-level period offset: about 3 months before row reference (-92d) vs row reference 2025-12-31; offset. | 4,289,000,000 source | -1,702,610,000 source Day-level period offset: -31d vs row reference 2025-12-31; offset. | 1,989,000,000 source | 4,193,600,000 source | 1,054,941,000 source |
| Capital expenditures Mixed reporting concepts: us-gaap:PaymentsToAcquireProductiveAssets, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Ticker concepts: BLK -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; CME -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; GS -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; ICE -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; JEF -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; LPLA -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; NDAQ -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; RJF -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; SCHW -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; SF -> us-gaap:PaymentsToAcquireProductiveAssets; SNEX -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. | 65,400,000 source Day-level period offset: about 3 months before row reference (-92d) vs row reference 2025-12-31; offset. | Not available. | 2,064,000,000 source | 375,000,000 source | 548,000,000 source | 570,376,000 source | 188,000,000 source Day-level period offset: about 3 months before row reference (-92d) vs row reference 2025-12-31; offset. | 373,000,000 source | 207,467,000 source Day-level period offset: -31d vs row reference 2025-12-31; offset. | 266,000,000 source | 83,500,000 source | 62,088,000 source |
| Dividends paid Mixed reporting concepts: us-gaap:PaymentsOfDividends, us-gaap:PaymentsOfDividendsCommonStock. Ticker concepts: BLK -> us-gaap:PaymentsOfDividends; CME -> us-gaap:PaymentsOfDividends; GS -> us-gaap:PaymentsOfDividends; ICE -> us-gaap:PaymentsOfDividendsCommonStock; JEF -> us-gaap:PaymentsOfDividendsCommonStock; LPLA -> us-gaap:PaymentsOfDividends; MS -> us-gaap:PaymentsOfDividends; NDAQ -> us-gaap:PaymentsOfDividends; SCHW -> us-gaap:PaymentsOfDividends. | Not available. | 6,593,000,000 source | 5,277,000,000 source | 3,101,000,000 source Day-level period offset: different fiscal year (365 days before row reference) vs row reference 2025-12-31; offset. | 2,329,000,000 source | 94,411,000 source | Not available. | 1,105,000,000 source | 374,130,000 source Day-level period offset: -31d vs row reference 2025-12-31; offset. | 601,000,000 source | 3,933,000,000 source | Not available. |
| Share buybacks | Not available. | Not available. | 12,360,000,000 source | 1,930,000,000 source Day-level period offset: different fiscal year (365 days before row reference) vs row reference 2025-12-31; offset. | 7,346,000,000 source | 100,004,000 source | Not available. | 1,294,000,000 source | 58,515,000 source Day-level period offset: -31d vs row reference 2025-12-31; offset. | 616,000,000 source | Not available. | 244,991,000 source |
| Assets | 45,268,000,000 source Day-level period offset: about 3 months before row reference (-92d) vs row reference 2025-12-31; offset. | 1,420,270,000,000 source | 1,809,320,000,000 source | 169,998,000,000 source | 490,995,000,000 source | 18,492,753,000 source | 88,230,000,000 source Day-level period offset: about 3 months before row reference (-92d) vs row reference 2025-12-31; offset. | 136,887,000,000 source | 76,012,347,000 source Day-level period offset: -31d vs row reference 2025-12-31; offset. | 31,053,000,000 source | 198,424,200,000 source | 41,270,782,000 source |
| Liabilities / equity Mixed reporting concepts: us-gaap:Liabilities, us-gaap:StockholdersEquity, us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest. Ticker concepts: BLK -> us-gaap:Liabilities + us-gaap:StockholdersEquity; CME -> us-gaap:Liabilities + us-gaap:StockholdersEquity; GS -> us-gaap:Liabilities + us-gaap:StockholdersEquity; ICE -> us-gaap:Liabilities + us-gaap:StockholdersEquity; JEF -> us-gaap:Liabilities + us-gaap:StockholdersEquity; LPLA -> us-gaap:Liabilities + us-gaap:StockholdersEquity; MS -> us-gaap:Liabilities + us-gaap:StockholdersEquity; NDAQ -> us-gaap:Liabilities + us-gaap:StockholdersEquity; RJF -> us-gaap:Liabilities + us-gaap:StockholdersEquity; SCHW -> us-gaap:Liabilities + us-gaap:StockholdersEquity; SF -> us-gaap:Liabilities + us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest; SNEX -> us-gaap:Liabilities + us-gaap:StockholdersEquity. | 18.04 source Day-level period offset: about 3 months before row reference (-92d) vs row reference 2025-12-31; offset. | 11.71 source | 13.48 source | 1.94 source | 8.93 source | 2.46 source | 6.06 source Day-level period offset: about 3 months before row reference (-92d) vs row reference 2025-12-31; offset. | 3.73 source | 6.18 source Day-level period offset: -31d vs row reference 2025-12-31; offset. | 1.54 source | 5.91 source | 5.90 source |
Code-computed comparisons
- Reported net margin range: Cross-company range not shown: fiscal period-ends span more than 14 days (JEF ends 2025-11-30; row reference 2025-12-31); artifact-time exclusions: RJF: period not aligned (2025-Q3 vs 2025-Q4); SNEX: period not aligned (2025-Q3 vs 2025-Q4). Individual company cells above remain shown with their period and concept comparability markers.
- Latest reported revenue range: Cross-company range not shown: fiscal period-ends span more than 14 days (JEF ends 2025-11-30; row reference 2025-12-31); artifact-time exclusions: RJF: period not aligned (2025-Q3 vs 2025-Q4); SNEX: period not aligned (2025-Q3 vs 2025-Q4). Individual company cells above remain shown with their period and concept comparability markers.
Market-risk companion: risk and factor comparison from lmfin. It is descriptive and separate from the SEC fundamentals review.
Provenance
Withheld quantitative rows
- No quantitative metric rows withheld by the evidence checks.
Withheld dimensions
- business_model: No quote passed the evidence checks.
- geographic_customer_exposure: No quote passed the evidence checks.
- capital_allocation: No quote passed the evidence checks.
- stated_strategy: No quote passed the evidence checks.
- idiosyncratic_risks: No quote passed the evidence checks.
- recent_narrative_change: No quote passed the evidence checks.
Withheld cells
- SNEX / business_model: no quote passed the evidence checks
- MS / business_model: no quote passed the evidence checks
- GS / business_model: no quote passed the evidence checks
- BLK / business_model: no quote passed the evidence checks
- SCHW / business_model: no quote passed the evidence checks
- LPLA / business_model: no quote passed the evidence checks
- RJF / business_model: no quote passed the evidence checks
- ICE / business_model: no quote passed the evidence checks
- JEF / business_model: no quote passed the evidence checks
- NDAQ / business_model: no quote passed the evidence checks
- CME / business_model: no quote passed the evidence checks
- SF / business_model: no quote passed the evidence checks
- SNEX / geographic_customer_exposure: no quote passed the evidence checks
- MS / geographic_customer_exposure: no quote passed the evidence checks
- GS / geographic_customer_exposure: no quote passed the evidence checks
- BLK / geographic_customer_exposure: no quote passed the evidence checks
- SCHW / geographic_customer_exposure: no quote passed the evidence checks
- LPLA / geographic_customer_exposure: no quote passed the evidence checks
- RJF / geographic_customer_exposure: no quote passed the evidence checks
- ICE / geographic_customer_exposure: no quote passed the evidence checks
- JEF / geographic_customer_exposure: no quote passed the evidence checks
- NDAQ / geographic_customer_exposure: no quote passed the evidence checks
- CME / geographic_customer_exposure: no quote passed the evidence checks
- SF / geographic_customer_exposure: no quote passed the evidence checks