New York Stock Exchange (NYSE) member firms said Wednesday that their profits were essentially flat for the third quarter.
NYSE firms that conduct business with the public reported a collective third-quarter after-tax profit of US$2.2 billion on revenues of approximately US$37.7 billion. Profits were essentially unchanged from the prior quarter, although revenues were down a bit from about US$39.5 billion in the second quarter.
In the same quarter last year, revenues were notably stronger at US$41.4 billion, and profits were more than double at US$4.6 billion.
Revenues include firms that trade primarily for their own account, but excludes designated market makers. All firms are registered broker-dealers, and their revenues are predominantly derived from investment banking, trading, commissions, and interest.