v3.23.1
REVENUES
 3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
REVENUES
NOTE 3: REVENUES
Disaggregation of Revenues
The following table presents our revenue disaggregated by revenue source:
Three Months Ended
March 31,
(in millions)20222023
Transaction-based revenues:
Options$127$133
Cryptocurrencies5438
Equities3627
Other19
Total transaction-based revenues218207
Net interest revenues:
Interest on corporate cash and investments
168
Margin interest3553
Interest on segregated cash and cash equivalents and deposits145
Securities lending, net2426
Cash sweep—22
Interest expenses related to credit facilities(6)(6)
Total net interest revenues55208
Other revenues2626
Total net revenues$299$441
For our fully-paid securities lending program under which we borrow fully-paid shares from participating users and lend them to third parties (“Fully-Paid Securities Lending”), we earn revenue for lending certain securities based on demand for those securities and portions of such revenues are paid to participating users, and those payments are recorded as interest expense. For the three months ended March 31, 2023, such interest revenue earned was $10 million and such interest expenses paid to participating users was $2 million. As the program was launched in the second quarter of 2022, no such interest revenue earned or expenses incurred for the three months ended March 31, 2022.
Contract Balances
Contract receivables are recognized when we have an unconditional right to invoice and receive payment under a contract and are derecognized when cash is received. Transaction-based revenue receivables due from market makers are reported in receivables from brokers, dealers, and clearing organizations while other revenue receivables related to proxy revenues due from issuers are reported in other current assets on the unaudited condensed consolidated balance sheets.
Contract liabilities, which consist of unearned subscription revenue, are recognized when users remit cash payments in advance of the time we satisfy our performance obligations and are recorded as other current liabilities on the unaudited condensed consolidated balance sheets.
The table below sets forth contract receivables and liabilities for the period indicated:
(in millions)Contract ReceivablesContract Liabilities
Beginning of period, January 1, 2023$60 $3 
End of period, March 31, 202385 3 
Changes during the period$25 $— 
The difference between the opening and ending balances of our contract receivables primarily results from increased revenues and timing differences between our performance and counterparties’ payments. We recognized all revenue from amounts included in the opening contract liability balances in the three months ended March 31, 2023.