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Business Segment and Geographic Information
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Business Segment and Geographic Information Business Segment and Geographic Information
The Company operates electronic marketplaces for the trading of products across the rates, credit, equities and money markets asset classes and provides related pre-trade and post-trade services.  The Company’s operations constitute a single business segment because of the integrated nature of these marketplaces and services.  
Information regarding revenue by client sector is as follows:
Three Months EndedSix Months Ended
June 30, June 30,
2022202120222021
(in thousands)
Revenues
Institutional$181,298 $160,883 $378,508 $336,207 
Wholesale68,010 61,689 140,948 121,079 
Retail26,800 18,261 46,772 36,974 
Market Data21,030 20,007 42,396 39,979 
Total revenue297,138 260,840 608,624 534,239 
Operating expenses
190,531 177,048 390,415 352,120 
Operating income
$106,607 $83,792 $218,209 $182,119 
The Company operates in the U.S. and internationally, primarily in the Europe and Asia regions. Revenues are attributed to geographic area based on the jurisdiction where the underlying transactions take place. The results by geographic region are not meaningful in understanding the Company’s business. Long-lived assets are attributed to the geographic area based on the location of the particular subsidiary.
The following table provides revenue by geographic area:
Three Months EndedSix Months Ended
June 30, June 30,
2022202120222021
(in thousands)
Revenues
U.S.$190,150 $163,605 $380,443 $331,341 
International106,988 97,235 228,181 202,898 
Total revenue$297,138 $260,840 $608,624 $534,239 
The following table provides information on the attribution of long-lived assets by geographic area:
June 30,December 31,
20222021
(in thousands)
Long-lived assets
U.S.$4,104,021 $4,152,186 
International13,353 15,848 
Total$4,117,374 $4,168,034