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Segment Reporting
 9 Months Ended
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
ExchangesFixed Income and Data ServicesMortgage Technology Consolidated
Revenues:
Energy futures and options$1,399 $— $— $1,399 
Agricultural and metals futures and options203 — — 203 
Financial futures and options408 — — 408 
Cash equities and equity options2,092 — — 2,092 
OTC and other 313 — — 313 
Data and connectivity services717 — — 717 
Listings366 — — 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 
Revenues5,498 1,719 1,514 8,731 
Transaction-based expenses1,775 — — 1,775 
Revenues, less transaction-based expenses3,723 1,719 1,514 6,956 
Operating expenses989 1,087 1,648 3,724 
Operating income/(loss)$2,734 $632 $(134)$3,232 
Three Months Ended September 30, 2024
ExchangesFixed Income and Data ServicesMortgage TechnologyConsolidated
Revenues:
Energy futures and options$473 $— $— $473 
Agricultural and metals futures and options60 — — 60 
Financial futures and options141 — — 141 
Cash equities and equity options791 — — 791 
OTC and other109 — — 109 
Data and connectivity services242 — — 242 
Listings122 — — 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 
Revenues1,938 586 509 3,033 
Transaction-based expenses684 — — 684 
Revenues, less transaction-based expenses1,254 586 509 2,349 
Operating expenses307 376 563 1,246 
Operating income/(loss)$947 $210 $(54)$1,103 
Nine Months Ended September 30, 2023
ExchangesFixed Income and Data ServicesMortgage Technology Consolidated
Revenues:
Energy futures and options$1,084 $— $— $1,084 
Agricultural and metals futures and options208 — — 208 
Financial futures and options344 — — 344 
Cash equities and equity options1,734 — — 1,734 
OTC and other 309 — — 309 
Data and connectivity services699 — — 699 
Listings376 — — 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 
Revenues4,754 1,668 815 7,237 
Transaction-based expenses1,450 — — 1,450 
Revenues, less transaction-based expenses3,304 1,668 815 5,787 
Operating expenses944 1,057 1,017 3,018 
Operating income/(loss)$2,360 $611 $(202)$2,769 
Three Months Ended September 30, 2023
ExchangesFixed Income and Data ServicesMortgage TechnologyConsolidated
Revenues:
Energy futures and options$384 $— $— $384 
Agricultural and metals futures and options61 — — 61 
Financial futures and options112 — — 112 
Cash equities and equity options519 — — 519 
OTC and other104 — — 104 
Data and connectivity services236 — — 236 
Listings124 — — 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 
Revenues1,540 559 330 2,429 
Transaction-based expenses426 — — 426 
Revenues, less transaction-based expenses1,114 559 330 2,003 
Operating expenses313 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.