3.6.7.1Vertical

Discount & Online Brokerages

Self-directed brokerage platforms offering low-cost trade execution.

Market snapshot

These figures describe Securities Brokerage & Trading (3.6.7), the segment that Discount & Online Brokerages sits within — not Discount & Online Brokerages on its own.

Market size
~$341B
Growth
~5.9%CAGR (2017–22, nominal)
Companies
~28,800
FragmentationConsolidatingEstimate

U.S. Census Bureau 2022 CBP/Economic Census, NAICS 523150/523160 (securities & commodity intermediation; 2017 codes 523110-140) + 523210 (exchanges).

Business model & economics

Revenue model

Commissions, spreads, interest, order-flow, and exchange/data fees

Key economics

Recurring revenue
Moderate

interest and data recur; trading is volume-driven

EBITDA margin
Strong for exchanges; scale-driven for brokers
Capex intensity
Low

Characteristics

  • Retail brokerage consolidated and moved to zero commissions.
  • Monetization via interest, order-flow, and scale.
  • Exchanges and market data are high-margin and consolidated.

M&A deal context

Deal activityModerate

Who’s acquiring

  • Brokerage & exchange consolidators
  • Market-data & infrastructure strategics
  • Fintech brokerage platforms

What’s driving deals

  • Retail-brokerage consolidation and scale.
  • Exchange and market-data M&A.
  • Interest- and order-flow-driven monetization.

Find Discount & Online Brokerages acquisition targets

Search Acquisera’s index for companies classified under Discount & Online Brokerages (3.6.7.1) and build a targeted deal pipeline.

Search companies