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Business Segment and Geographic Information
 6 Months Ended
Jun. 30, 2024
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,
2024202320242023
(dollars in thousands)
Revenues
Institutional$245,581 $183,828 $492,918 $382,680 
Wholesale94,272 73,329 191,483 149,429 
Retail35,871 30,680 71,040 62,543 
Market Data29,227 22,776 58,249 45,210 
Total revenue404,951 310,613 813,690 639,862 
Operating expenses
242,457 194,278 483,518 400,961 
Operating income
$162,494 $116,335 $330,172 $238,901 
The Company operates in the U.S. and internationally, primarily in the Europe, Asia and Australia 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,
2024202320242023
(dollars in thousands)
Revenues
U.S.$252,144 $200,919 $506,242 $409,621 
International152,807 109,694 307,448 230,241 
Total revenue$404,951 $310,613 $813,690 $639,862 
The following table provides information on the attribution of long-lived assets by geographic area:
June 30,December 31,
20242023
(dollars in thousands)
Long-lived assets
U.S.$4,043,795 $3,990,070 
International27,570 20,348 
Total$4,071,365 $4,010,418