Trading Data is Worth More Than Trades?

Quote via Reuters, as noted by Paul Kedrosky:

The moves by NYSE and Nasdaq OMX come at a time when the exchanges are seeking to generate as much revenue as possible from market data, which now makes up for a larger share of revenue than equities trading. At Nasdaq, market data generates 20 percent of revenue, while at NYSE, the figure is 14 percent.

Call me Mr. Skeptic today, but something is amiss here. While a Kedrosky blog commenter asked “where’s the trading revenue data,” I’m more inclined to wonder about the rest…

Based on the Reuters statement, if data is a greater percentage in both cases, then at the NASDAQ data revenue plus trading revenue must be equal to or less than 40% of total revenue, while at NYSE the two combined would be equal to or less than 28%.

Where does the other 60% and 72% of revenue, respectively, come from?

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