REVENUE RECOGNITION (Tables)

6 Months Ended

Jun. 30, 2024

REVENUE RECOGNITION

Schedule of disaggregated revenue contract types

The following table depicts the disaggregated revenue contract types listed above within each respective financial statement caption in the condensed consolidated statements of income (in millions):


		Cash			Data and
		and Spot			Access			Derivatives
		Markets			Solutions			Markets			Total
Three Months Ended June 30, 2024
Transaction and clearing fees		$	283.6		$	—		$	414.0		$	697.6
Access and capacity fees			—			90.5			—			90.5
Market data fees			14.6			50.9			8.2			73.7
Regulatory fees			63.2			—			22.7			85.9
Other revenue			25.0			0.7			0.6			26.3
		$	386.4		$	142.1		$	445.5		$	974.0

		Cash			Data and
		and Spot			Access			Derivatives
		Markets			Solutions			Markets			Total
Three Months Ended June 30, 2023
Transaction and clearing fees		$	279.0		$	—		$	406.7		$	685.7
Access and capacity fees			—			86.9			—			86.9
Market data fees			17.7			47.7			8.1			73.5
Regulatory fees			28.7			—			15.7			44.4
Other revenue			15.9			0.7			0.7			17.3
		$	341.3		$	135.3		$	431.2		$	907.8


		Cash			Data and
		and Spot			Access			Derivatives
		Markets			Solutions			Markets			Total
Six Months Ended June 30, 2024
Transaction and clearing fees		$	588.8		$	—		$	827.3		$	1,416.1
Access and capacity fees			—			180.6			—			180.6
Market data fees			30.6			100.2			14.9			145.7
Regulatory fees			98.1			—			38.0			136.1
Other revenue			49.8			1.5			1.4			52.7
		$	767.3		$	282.3		$	881.6		$	1,931.2

		Cash			Data and
		and Spot			Access			Derivatives
		Markets			Solutions			Markets			Total
Six Months Ended June 30, 2023
Transaction and clearing fees		$	590.9		$	—		$	827.3		$	1,418.2
Access and capacity fees			—			171.1			—			171.1
Market data fees			35.6			92.2			16.6			144.4
Regulatory fees			91.3			—			37.6			128.9
Other revenue			30.5			1.4			1.5			33.4
		$	748.3		$	264.7		$	883.0		$	1,896.0

Schedule of disaggregation of revenue according to segment

The following table depicts the disaggregation of revenue according to segment (in millions):


					North			Europe
					American			and Asia						Global
		Options			Equities			Pacific			Futures			FX			Digital			Total
Three Months Ended June 30, 2024
Transaction and clearing fees		$	385.9		$	227.2		$	38.9		$	28.1		$	17.1		$	0.4		$	697.6
Access and capacity fees			41.6			30.6			10.0			5.5			2.8			—			90.5
Market data fees			31.0			30.3			9.8			2.2			0.4			—			73.7
Regulatory fees			22.6			63.2			—			0.1			—			—			85.9
Other revenue			1.2			2.0			22.9			—			0.2			—			26.3
		$	482.3		$	353.3		$	81.6		$	35.9		$	20.5		$	0.4		$	974.0
Timing of revenue recognition
Services transferred at a point in time		$	409.7		$	292.4		$	61.8		$	28.2		$	17.3		$	0.4		$	809.8
Services transferred over time			72.6			60.9			19.8			7.7			3.2			—			164.2
		$	482.3		$	353.3		$	81.6		$	35.9		$	20.5		$	0.4		$	974.0

Three Months Ended June 30, 2023
Transaction and clearing fees		$	384.3		$	229.4		$	35.6		$	22.4		$	15.0		$	(1.0)		$	685.7
Access and capacity fees			40.3			29.0			9.2			5.5			2.7			0.2			86.9
Market data fees			30.0			31.5			9.6			2.0			0.4			—			73.5
Regulatory fees			15.6			28.7			—			0.1			—			—			44.4
Other revenue			1.3			2.0			13.9			—			0.1			—			17.3
		$	471.5		$	320.6		$	68.3		$	30.0		$	18.2		$	(0.8)		$	907.8
Timing of revenue recognition
Services transferred at a point in time		$	401.2		$	260.1		$	49.5		$	22.5		$	15.1		$	(1.0)		$	747.4
Services transferred over time			70.3			60.5			18.8			7.5			3.1			0.2			160.4
		$	471.5		$	320.6		$	68.3		$	30.0		$	18.2		$	(0.8)		$	907.8


					North			Europe
					American			and Asia						Global
		Options			Equities			Pacific			Futures			FX			Digital			Total
Six Months Ended June 30, 2024
Transaction and clearing fees		$	775.7		$	478.9		$	77.7		$	51.6		$	32.6		$	(0.4)		$	1,416.1
Access and capacity fees			83.3			60.3			20.1			11.2			5.6			0.1			180.6
Market data fees			60.1			61.0			19.5			4.4			0.7			—			145.7
Regulatory fees			37.9			98.1			—			0.1			—			—			136.1
Other revenue			2.7			4.6			45.0			—			0.4			—			52.7
		$	959.7		$	702.9		$	162.3		$	67.3		$	39.3		$	(0.3)		$	1,931.2
Timing of revenue recognition
Services transferred at a point in time		$	816.3		$	581.6		$	122.7		$	51.7		$	33.0		$	(0.4)		$	1,604.9
Services transferred over time			143.4			121.3			39.6			15.6			6.3			0.1			326.3
		$	959.7		$	702.9		$	162.3		$	67.3		$	39.3		$	(0.3)		$	1,931.2

Six Months Ended June 30, 2023
Transaction and clearing fees		$	780.1		$	484.4		$	77.7		$	47.2		$	30.8		$	(2.0)		$	1,418.2
Access and capacity fees			79.2			57.4			18.1			10.8			5.3			0.3			171.1
Market data fees			58.0			63.4			18.3			4.0			0.7			—			144.4
Regulatory fees			37.5			91.3			—			0.1			—			—			128.9
Other revenue			2.8			3.9			26.5			—			0.2			—			33.4
		$	957.6		$	700.4		$	140.6		$	62.1		$	37.0		$	(1.7)		$	1,896.0
Timing of revenue recognition
Services transferred at a point in time		$	820.4		$	579.6		$	104.2		$	47.3		$	31.0		$	(2.0)		$	1,580.5
Services transferred over time			137.2			120.8			36.4			14.8			6.0			0.3			315.5
		$	957.6		$	700.4		$	140.6		$	62.1		$	37.0		$	(1.7)		$	1,896.0

Schedule of revenue recognized from contract liabilities and the remaining balance

The revenue recognized from contract liabilities and the remaining balance is shown below (in millions):


		Balance at December 31, 2023			Cash Additions			Revenue Recognized			Balance at June 30, 2024
Liquidity provider sliding scale (1)		$	—		$	7.2		$	(3.6)		$	3.6
Other, net			6.1			9.7			(9.3)			6.5
Total deferred revenue		$	6.1		$	16.9		$	(12.9)		$	10.1

(1)

Liquidity providers are eligible to participate in the sliding scale program, which involves prepayment of transaction fees, and to receive reduced fees based on the achievement of certain volume thresholds within a calendar month. These transaction fees are amortized and recorded ratably as the transactions occur over the period.