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Segment Reporting | 9 Months Ended
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Sep. 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 nine and three months ended September 30, 2024 and 2023 (in millions):
| Nine Months Ended September 30, 2024
| Exchanges |  | Fixed Income and Data Services |  | Mortgage Technology |  | Consolidated
Revenues: |  |  |  |  |  |  |
Energy futures and options | $ | 1,399 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,399 |
Agricultural and metals futures and options | 203 |  |  | — |  |  | — |  |  | 203 |
Financial futures and options | 408 |  |  | — |  |  | — |  |  | 408 |
Cash equities and equity options | 2,092 |  |  | — |  |  | — |  |  | 2,092 |
OTC and other | 313 |  |  | — |  |  | — |  |  | 313 |
Data and connectivity services | 717 |  |  | — |  |  | — |  |  | 717 |
Listings | 366 |  |  | — |  |  | — |  |  | 366 |
Fixed income execution | — |  |  | 84 |  |  | — |  |  | 84 |
CDS clearing | — |  |  | 268 |  |  | — |  |  | 268 |
Fixed income data and analytics | — |  |  | 876 |  |  | — |  |  | 876 |
Other data and network services | — |  |  | 491 |  |  | — |  |  | 491 |
Origination technology | — |  |  | — |  |  | 536 |  |  | 536 |
Closing solutions | — |  |  | — |  |  | 150 |  |  | 150 |
Servicing software | — |  |  | — |  |  | 635 |  |  | 635 |
Data and analytics | — |  |  | — |  |  | 193 |  |  | 193 |
Revenues | 5,498 |  |  | 1,719 |  |  | 1,514 |  |  | 8,731 |
Transaction-based expenses | 1,775 |  |  | — |  |  | — |  |  | 1,775 |
Revenues, less transaction-based expenses | 3,723 |  |  | 1,719 |  |  | 1,514 |  |  | 6,956 |
Operating expenses | 989 |  |  | 1,087 |  |  | 1,648 |  |  | 3,724 |
Operating income/(loss) | $ | 2,734 |  |  | $ | 632 |  |  | $ | (134) |  |  | $ | 3,232 |
| Three Months Ended September 30, 2024
| Exchanges |  | Fixed Income and Data Services |  | Mortgage Technology |  | Consolidated
Revenues: |  |  |  |  |  |  |
Energy futures and options | $ | 473 |  |  | $ | — |  |  | $ | — |  |  | $ | 473 |
Agricultural and metals futures and options | 60 |  |  | — |  |  | — |  |  | 60 |
Financial futures and options | 141 |  |  | — |  |  | — |  |  | 141 |
Cash equities and equity options | 791 |  |  | — |  |  | — |  |  | 791 |
OTC and other | 109 |  |  | — |  |  | — |  |  | 109 |
Data and connectivity services | 242 |  |  | — |  |  | — |  |  | 242 |
Listings | 122 |  |  | — |  |  | — |  |  | 122 |
Fixed income execution | — |  |  | 28 |  |  | — |  |  | 28 |
CDS clearing | — |  |  | 97 |  |  | — |  |  | 97 |
Fixed income data and analytics | — |  |  | 295 |  |  | — |  |  | 295 |
Other data and network services | — |  |  | 166 |  |  | — |  |  | 166 |
Origination technology | — |  |  | — |  |  | 182 |  |  | 182 |
Closing solutions | — |  |  | — |  |  | 54 |  |  | 54 |
Servicing software | — |  |  | — |  |  | 209 |  |  | 209 |
Data and analytics | — |  |  | — |  |  | 64 |  |  | 64 |
Revenues | 1,938 |  |  | 586 |  |  | 509 |  |  | 3,033 |
Transaction-based expenses | 684 |  |  | — |  |  | — |  |  | 684 |
Revenues, less transaction-based expenses | 1,254 |  |  | 586 |  |  | 509 |  |  | 2,349 |
Operating expenses | 307 |  |  | 376 |  |  | 563 |  |  | 1,246 |
Operating income/(loss) | $ | 947 |  |  | $ | 210 |  |  | $ | (54) |  |  | $ | 1,103 |
| Nine Months Ended September 30, 2023
| Exchanges |  | Fixed Income and Data Services |  | Mortgage Technology |  | Consolidated
Revenues: |  |  |  |  |  |  |
Energy futures and options | $ | 1,084 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,084 |
Agricultural and metals futures and options | 208 |  |  | — |  |  | — |  |  | 208 |
Financial futures and options | 344 |  |  | — |  |  | — |  |  | 344 |
Cash equities and equity options | 1,734 |  |  | — |  |  | — |  |  | 1,734 |
OTC and other | 309 |  |  | — |  |  | — |  |  | 309 |
Data and connectivity services | 699 |  |  | — |  |  | — |  |  | 699 |
Listings | 376 |  |  | — |  |  | — |  |  | 376 |
Fixed income execution | — |  |  | 89 |  |  | — |  |  | 89 |
CDS clearing | — |  |  | 279 |  |  | — |  |  | 279 |
Fixed income data and analytics | — |  |  | 832 |  |  | — |  |  | 832 |
Other data and network services | — |  |  | 468 |  |  | — |  |  | 468 |
Origination technology | — |  |  | — |  |  | 524 |  |  | 524 |
Closing solutions | — |  |  | — |  |  | 136 |  |  | 136 |
Servicing software | — |  |  | — |  |  | 69 |  |  | 69 |
Data and analytics | — |  |  | — |  |  | 86 |  |  | 86 |
Revenues | 4,754 |  |  | 1,668 |  |  | 815 |  |  | 7,237 |
Transaction-based expenses | 1,450 |  |  | — |  |  | — |  |  | 1,450 |
Revenues, less transaction-based expenses | 3,304 |  |  | 1,668 |  |  | 815 |  |  | 5,787 |
Operating expenses | 944 |  |  | 1,057 |  |  | 1,017 |  |  | 3,018 |
Operating income/(loss) | $ | 2,360 |  |  | $ | 611 |  |  | $ | (202) |  |  | $ | 2,769 |
| Three Months Ended September 30, 2023
| Exchanges |  | Fixed Income and Data Services |  | Mortgage Technology |  | Consolidated
Revenues: |  |  |  |  |  |  |
Energy futures and options | $ | 384 |  |  | $ | — |  |  | $ | — |  |  | $ | 384 |
Agricultural and metals futures and options | 61 |  |  | — |  |  | — |  |  | 61 |
Financial futures and options | 112 |  |  | — |  |  | — |  |  | 112 |
Cash equities and equity options | 519 |  |  | — |  |  | — |  |  | 519 |
OTC and other | 104 |  |  | — |  |  | — |  |  | 104 |
Data and connectivity services | 236 |  |  | — |  |  | — |  |  | 236 |
Listings | 124 |  |  | — |  |  | — |  |  | 124 |
Fixed income execution | — |  |  | 29 |  |  | — |  |  | 29 |
CDS clearing | — |  |  | 94 |  |  | — |  |  | 94 |
Fixed income data and analytics | — |  |  | 279 |  |  | — |  |  | 279 |
Other data and network services | — |  |  | 157 |  |  | — |  |  | 157 |
Origination technology | — |  |  | — |  |  | 172 |  |  | 172 |
Closing solutions | — |  |  | — |  |  | 48 |  |  | 48 |
Servicing software | — |  |  | — |  |  | 69 |  |  | 69 |
Data and analytics | — |  |  | — |  |  | 41 |  |  | 41 |
Revenues | 1,540 |  |  | 559 |  |  | 330 |  |  | 2,429 |
Transaction-based expenses | 426 |  |  | — |  |  | — |  |  | 426 |
Revenues, less transaction-based expenses | 1,114 |  |  | 559 |  |  | 330 |  |  | 2,003 |
Operating expenses | 313 |  |  | 358 |  |  | 487 |  |  | 1,158 |
Operating income/(loss) | $ | 801 |  |  | $ | 201 |  |  | $ | (157) |  |  | $ | 845 |
Revenues from one member of the Exchanges segment comprised $386 million, or 10%, and $112 million, or 9%, of our Exchange revenues, less transaction-based expenses for the nine and three months ended September 30, 2024, respectively. Revenues from one member of the Exchanges segment comprised $394 million, or 12%, and $140 million, or 13%, of our Exchange revenues, less transaction-based expenses for the nine and three months ended September 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 nine and three months ended September 30, 2024 or 2023.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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