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Segment Reporting
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Our business is conducted through three reportable business segments:
•Exchanges: We operate regulated marketplace technology for the listing, trading and clearing of a broad array of derivatives contracts and financial securities as well as data and connectivity services related to our exchanges and clearing houses;
•Fixed Income and Data Services: We provide fixed income pricing, reference data, indices, analytics and execution services as well as global CDS clearing and multi-asset class data delivery technology; and
•Mortgage Technology: We provide a technology platform that offers customers comprehensive, digital workflow tools that aim to address inefficiencies and mitigate risks that exist in the U.S. residential mortgage market life cycle from application through closing, servicing and the secondary market.
While revenues are recorded specifically in the segment in which they are earned or to which they relate, a significant portion of our operating expenses are not solely related to a specific segment because the expenses serve functions that are necessary for the operation of more than one segment. We directly allocate expenses when reasonably possible to do so. Otherwise, we use a pro-rata revenue approach as the allocation method for the expenses that do not relate solely to one segment and serve functions that are necessary for the operation of all segments.
Our chief operating decision maker does not review total assets or statements of income below operating income by segments; therefore, such information is not presented below. Our three segments do not engage in intersegment transactions.

Financial data for our business segments is as follows for the six and three months ended June 30, 2024 and 2023 (in millions):
Six Months Ended June 30, 2024
ExchangesFixed Income and Data ServicesMortgage Technology Consolidated
Revenues:
Energy futures and options$926 $— $— $926 
Agricultural and metals futures and options143 — — 143 
Financial futures and options267 — — 267 
Cash equities and equity options1,301 — — 1,301 
OTC and other 204 — — 204 
Data and connectivity services475 — — 475 
Listings244 — — 244 
Fixed income execution— 56 — 56 
CDS clearing— 171 — 171 
Fixed income data and analytics— 581 — 581 
Other data and network services— 325 — 325 
Origination technology— — 354 354 
Closing solutions— — 96 96 
Servicing software— — 426 426 
Data and analytics— — 129 129 
Revenues3,560 1,133 1,005 5,698 
Transaction-based expenses1,091 — — 1,091 
Revenues, less transaction-based expenses2,469 1,133 1,005 4,607 
Operating expenses682 711 1,085 2,478 
Operating income/(loss)$1,787 $422 $(80)$2,129 
Three Months Ended June 30, 2024
ExchangesFixed Income and Data ServicesMortgage TechnologyConsolidated
Revenues:
Energy futures and options$469 $— $— $469 
Agricultural and metals futures and options71 — — 71 
Financial futures and options132 — — 132 
Cash equities and equity options691 — — 691 
OTC and other101 — — 101 
Data and connectivity services240 — — 240 
Listings122 — — 122 
Fixed income execution— 30 — 30 
CDS clearing— 78 — 78 
Fixed income data and analytics— 293 — 293 
Other data and network services— 164 — 164 
Origination technology— — 180 180 
Closing solutions— — 52 52 
Servicing software— — 212 212 
Data and analytics— — 62 62 
Revenues1,826 565 506 2,897 
Transaction-based expenses580 — — 580 
Revenues, less transaction-based expenses1,246 565 506 2,317 
Operating expenses356 357 538 1,251 
Operating income/(loss)$890 $208 $(32)$1,066 
Six Months Ended June 30, 2023
ExchangesFixed Income and Data ServicesMortgage Technology Consolidated
Revenues:
Energy futures and options$700 $— $— $700 
Agricultural and metals futures and options147 — — 147 
Financial futures and options232 — — 232 
Cash equities and equity options1,215 — — 1,215 
OTC and other 205 — — 205 
Data and connectivity services463 — — 463 
Listings252 — — 252 
Fixed income execution— 60 — 60 
CDS clearing— 185 — 185 
Fixed income data and analytics— 553 — 553 
Other data and network services— 311 — 311 
Origination technology— — 352 352 
Closing solutions— — 88 88 
Servicing software— — — — 
Data and analytics— — 45 45 
Revenues3,214 1,109 485 4,808 
Transaction-based expenses1,024 — — 1,024 
Revenues, less transaction-based expenses2,190 1,109 485 3,784 
Operating expenses631 699 530 1,860 
Operating income/(loss)$1,559 $410 $(45)$1,924 
Three Months Ended June 30, 2023
ExchangesFixed Income and Data ServicesMortgage TechnologyConsolidated
Revenues:
Energy futures and options$355 $— $— $355 
Agricultural and metals futures and options77 — — 77 
Financial futures and options104 — — 104 
Cash equities and equity options544 — — 544 
OTC and other104 — — 104 
Data and connectivity services231 — — 231 
Listings126 — — 126 
Fixed income execution— 28 — 28 
CDS clearing— 84 — 84 
Fixed income data and analytics— 277 — 277 
Other data and network services— 157 — 157 
Origination technology— — 178 178 
Closing solutions— — 47 47 
Servicing software— — — — 
Data and analytics— — 24 24 
Revenues1,541 546 249 2,336 
Transaction-based expenses448 — — 448 
Revenues, less transaction-based expenses1,093 546 249 1,888 
Operating expenses311 356 266 933 
Operating income/(loss)$782 $190 $(17)$955 
Revenues from one member of the Exchanges segment comprised $274 million, or 11%, and $117 million, or 9%, of our Exchange revenues, less transaction-based expenses for the six and three months ended June 30, 2024, respectively. Revenues from one member of the Exchanges segment comprised $254 million, or 12%, and $130 million, or 12%, of our Exchange revenues, less transaction-based expenses for the six and three months ended June 30, 2023, respectively. Clearing members are primarily intermediaries and represent a broad range of principal trading firms. If a clearing member ceased its operations, we believe that the trading firms would continue to conduct transactions and would clear those transactions through another clearing member firm. No additional customers or clearing members accounted for more than 10% of our segment revenues or consolidated revenues during the six and three months ended June 30, 2024 or 2023.