Just two and a half years after Dick Grasso was deposed in a compensation scandal, it still pays to work at the

New York Stock Exchange



According to an analyst report, the average compensation of an employee at the exchange ranks near the top of its competitors. The comparison, by analyst Daniel Goldberg, was contained in a research report in which Bear Stearns initiated coverage of the NYSE at peer perform.

Goldberg broke out average compensation for various publicly traded exchanges, including the NYSE, the

International Securities Exchange


, the



, the

Chicago Mercantile Exchange

(CME) - Get Report

and the

Chicago Board of Trade


. At $179,290 a year, the average NYSE employee makes more than counterparts at every major publicly traded exchange except the ISE, where employees make an average of $197,660, and


(MKTX) - Get Report

, where they make $194,750.

The Nasdaq pays $194,010, according to the report, while the CBOT is the lowest paying job, at $103,660 per employee. The CME is slightly higher at $135,950 per employee.

Working at the NYSE isn't as lucrative as working at a major investment bank on Wall Street. According to Goldberg,

Merrill Lynch


employees make, on average, $226,960, while

Morgan Stanley

(MS) - Get Report

executives make $212,860.

Goldman Sachs

(GS) - Get Report

ranks far above any other Wall Street firm, paying its workers an average of $521,200, and

Lehman Brothers


ranks ahead of the NYSE at $314,720 per employee.

Wall Street executives avidly compare investment banks' compensation packages, which are usually communicated to employees around the beginning of the year. Human relations executives within the talent-driven businesses make their living poaching top employees from rival firms, and broker-dealers generally use pay as bait.

The NYSE recently went public and is now in its third month of answering the public market's questions about how it runs its business. It's a far more open place than in September 2003, when then-Chairman Dick Grasso quit his job at the exchange amid furor over his pay package. Shortly after, New York attorney general Elliot Spitzer began to investigate the $188 million package Grasso received during his tenure. A civil suit remains pending.

Although compensation packages at the publicly traded exchanges aren't traditionally compared with Wall Street brokerages, the companies are often fighting for the same talent. The top talent at the NYSE, for example, includes former Goldman Sachs executive John Thain. His compensation in 2005 was $6.2 million in salary and bonus awards. Jerry Putnam, the president of the NYSE, earned $3 million, with another $6.8 million in stock options and $7.9 million in merger-related compensation

As originally published, this story contained errors. Please see

Corrections and Clarifications.