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REVENUE RECOGNITION (Tables)

9 Months Ended

Sep. 30, 2021

The following table depicts the disaggregation of revenue according to segment (in millions):


			North				Europe				Corporate
			American				and Asia		Global		Items and
	Options		Equities		Futures		Pacific		FX		Eliminations		Total
Three Months Ended September 30, 2021
Transaction and clearing fees	$	308.4	$	253.2	$	23.2	$	36.2	$	11.9	$	—	$	632.9
Access and capacity fees		31.0		25.2		4.9		9.4		2.3		—		72.8
Market data fees		20.9		31.8		1.7		7.3		0.3		—		62.0
Regulatory fees		9.3		25.3		—		—		—		—		34.6
Other revenue		4.7		0.8		—		9.0		—		—		14.5
	$	374.3	$	336.3	$	29.8	$	61.9	$	14.5	$	—	$	816.8
Timing of revenue recognition
Services transferred at a point in time	$	322.4	$	279.3	$	23.2	$	45.2	$	11.9	$	—	$	682.0
Services transferred over time		51.9		57.0		6.6		16.7		2.6		—		134.8
	$	374.3	$	336.3	$	29.8	$	61.9	$	14.5	$	—	$	816.8

Three Months Ended September 30, 2020
Transaction and clearing fees	$	241.4	$	253.0	$	16.8	$	23.4	$	10.9	$	—	$	545.5
Access and capacity fees		27.5		21.2		4.4		5.4		2.1		—		60.6
Market data fees		19.8		34.3		1.7		3.5		0.2		—		59.5
Regulatory fees		19.7		94.1		—		—		—		—		113.8
Other revenue		4.4		1.0		1.1		6.8		—		—		13.3
	$	312.8	$	403.6	$	24.0	$	39.1	$	13.2	$	—	$	792.7
Timing of revenue recognition
Services transferred at a point in time	$	265.5	$	348.1	$	17.9	$	30.2	$	10.9	$	—	$	672.6
Services transferred over time		47.3		55.5		6.1		8.9		2.3		—		120.1
	$	312.8	$	403.6	$	24.0	$	39.1	$	13.2	$	—	$	792.7


			North				Europe				Corporate
			American				and Asia		Global		Items and
	Options		Equities		Futures		Pacific		FX		Eliminations		Total
Nine Months Ended September 30, 2021
Transaction and clearing fees	$	900.3	$	903.0	$	71.0	$	104.2	$	35.8	$	—	$	2,014.3
Access and capacity fees		90.0		72.4		13.6		23.7		6.6		—		206.3
Market data fees		62.4		104.1		5.0		16.4		0.7		—		188.6
Regulatory fees		39.1		133.8		0.1		—		—		—		173.0
Other revenue		14.9		2.5		—		28.5		—		0.3		46.2
	$	1,106.7	$	1,215.8	$	89.7	$	172.8	$	43.1	$	0.3	$	2,628.4
Timing of revenue recognition
Services transferred at a point in time	$	954.3	$	1,039.3	$	71.1	$	132.7	$	35.8	$	0.3	$	2,233.5
Services transferred over time		152.4		176.5		18.6		40.1		7.3		—		394.9
	$	1,106.7	$	1,215.8	$	89.7	$	172.8	$	43.1	$	0.3	$	2,628.4

Nine Months Ended September 30, 2020
Transaction and clearing fees	$	776.4	$	882.1	$	68.5	$	60.9	$	37.4	$	—	$	1,825.3
Access and capacity fees		78.6		62.1		12.5		15.0		5.8		—		174.0
Market data fees		54.8		104.1		5.0		9.9		0.6		—		174.4
Regulatory fees		63.0		316.3		—		—		—		—		379.3
Other revenue		14.1		3.2		1.1		11.5		—		—		29.9
	$	986.9	$	1,367.8	$	87.1	$	97.3	$	43.8	$	—	$	2,582.9
Timing of revenue recognition
Services transferred at a point in time	$	853.5	$	1,201.6	$	69.6	$	72.4	$	37.4	$	—	$	2,234.5
Services transferred over time		133.4		166.2		17.5		24.9		6.4		—		348.4
	$	986.9	$	1,367.8	$	87.1	$	97.3	$	43.8	$	—	$	2,582.9

Schedule of revenue recognized from contract liabilities and the remaining balance

The revenue recognized from contract liabilities and the remaining balance is shown below (in millions):


	Balance at January 1, 2021		Cash Additions		Revenue Recognized		Balance at September 30, 2021
Liquidity provider sliding scale (1)	$	—	$	7.2	$	(5.4)	$	1.8
Other, net		10.2		11.3		(9.2)		12.3
Total deferred revenue	$	10.2	$	18.5	$	(14.6)	$	14.1

(1)

Liquidity providers are eligible to participate in the sliding scale program, which involves prepayment of transaction fees, and to receive reduced fees based on the achievement of certain volume thresholds within a calendar month. These transaction fees are amortized and recorded ratably as the transactions occur over the period.