ما معنى Net trading revenue, volume-driven cost؟

Example 1.3 (The market maker’s 2025 net trading revenue)

Virtu Financial’s 2025 income statement reports trading income of $2 436.7 million, commissions and technology services of $617.0 million, interest and dividends income of $508.8 million, and among its expenses brokerage, exchange, clearance fees and payments for order flow of $769.8 million and interest and dividends expense of $647.4 million. Its net trading revenue is $2\,436.7+617.0+508.8-769.8-647.4=\$2\,145.3$ million; the volume-driven costs take $1\,417.2/3\,562.5=39.8\%$ of the revenue before other income. Pay ($528.1 million) and the other fixed costs (communication and data $249.2 million, operations and administration $97.9 million, depreciation and amortisation $64.4 million, $411.5 million in all) leave an operating profit of $1 205.7 million, a margin of 56.2% on net trading revenue.

Example 1.6 (A firm of 100)

A firm has net trading revenue of 100, fixed pay of 15, variable pay of 30% of net revenue and other fixed costs of 35: operating profit is $100-15-30-35=20$. With pay that flexes, $C^{\mathrm{fix}}=50$ and $b=0.3$: the break-even fall is $1-50/70=28.6\%$ and the operating leverage 3.5. Were the same 45 of pay all salary, $C^{\mathrm{fix}}=15+30+35=80$ and $b=0$: the break-even fall is $1-80/100=20\%$ and the operating leverage 5. Flexible pay turns a firm that loses money after a 20% fall into one that survives a 28% fall.