Brokerage firms and banks have complained for years about rising fees at big stock exchanges. Now, they are getting a glimpse of the potential profits the exchanges could be making from them.

On Tuesday, Investors Exchange, a small exchange that competes with the NYSE, Nasdaq and Cboe Global Markets for stock trades, filed an analysis with the Securities and Exchange Commission comparing its costs of providing comparable market data and connectivity to clients with fees levied by the big exchanges.