Currently NSX has 58 listings from their directory.
https://www.nsx.com.au/marketdata/directory/
I only have the MC's of 52, and calculated ~$940k ARR based on the annual listing fees, there are other revenue streams such as application fees and additional capital fees which are of significance.
https://docs.google.com/spreadsheets/d/1qlGdpHMF4Kw58lkBxW781frLuX9qElrUrLoRoYBTb0E/edit?usp=sharing
https://www.nsx.com.au/documents/practice_notes/PN01-ListingFees.pdf
New listings also are a good revenue generator, there's a steady stream that have been coming to NSX;
https://www.nsx.com.au/investing/recent-listings/
NSX appear a strong competitor to the ASX, their stocks are expected to be tradable with online brokers by the end of Q3 this year which will be a good catalyst IMO. For companies to list on the NSX based on their fees it is cheaper than the ASX, and they have made migration from the ASX cheap at only $2k which I think is awesome. Compare fees;
ASX
https://www2.asx.com.au/listings/how-to-list/listing-fees
NSX
https://www.nsx.com.au/regulation/companies/company-fees/
ASX's market cap is $14.42 billion, NSX just $34 mil! It's an interesting speccy at this price.
