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REVENUE RECOGNITION (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of disaggregated revenue contract types


	Cash		Data and
	and Spot		Access		Derivatives
	Markets		Solutions		Markets		Total
Three Months Ended March 31, 2022
Transaction and clearing fees	$	395.5	$	—	$	374.1	$	769.6
Access and capacity fees		—		77.9		—		77.9
Market data fees		22.9		39.6		8.2		70.7
Regulatory fees		31.9		—		10.7		42.6
Other revenue		11.6		1.4		0.7		13.7
	$	461.9	$	118.9	$	393.7	$	974.5


	Cash		Data and
	and Spot		Access		Derivatives
	Markets		Solutions		Markets		Total
Three Months Ended March 31, 2021
Transaction and clearing fees	$	428.9	$	—	$	334.3	$	763.2
Access and capacity fees		—		66.4		—		66.4
Market data fees		26.9		29.7		7.2		63.8
Regulatory fees		82.4		—		19.1		101.5
Other revenue		10.7		4.5		0.7		15.9
	$	548.9	$	100.6	$	361.3	$	1,010.8

Schedule of disaggregation of revenue

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


			North		Europe						Corporate
			American		and Asia				Global		Items and
	Options		Equities		Pacific		Futures		FX		Eliminations		Total
Three Months Ended March 31, 2022
Transaction and clearing fees	$	348.3	$	330.8	$	50.1	$	25.8	$	14.6	$	—	$	769.6
Access and capacity fees		35.8		26.0		9.3		4.5		2.3		—		77.9
Market data fees		25.9		34.2		8.3		2.0		0.3		—		70.7
Regulatory fees		10.7		31.9		—		—		—		—		42.6
Other revenue		1.9		0.8		10.9		—		0.1		—		13.7
	$	422.6	$	423.7	$	78.6	$	32.3	$	17.3	$	—	$	974.5
Timing of revenue recognition
Services transferred at a point in time	$	360.9	$	363.5	$	61.0	$	25.8	$	14.7	$	—	$	825.9
Services transferred over time		61.7		60.2		17.6		6.5		2.6		—		148.6
	$	422.6	$	423.7	$	78.6	$	32.3	$	17.3	$	—	$	974.5

Three Months Ended March 31, 2021
Transaction and clearing fees	$	308.7	$	381.8	$	34.7	$	25.6	$	12.4	$	—	$	763.2
Access and capacity fees		29.4		23.4		7.1		4.4		2.1		—		66.4
Market data fees		20.5		37.5		4.0		1.6		0.2		—		63.8
Regulatory fees		19.1		82.4		—		—		—		—		101.5
Other revenue		4.7		0.9		10.0		—		—		0.3		15.9
	$	382.4	$	526.0	$	55.8	$	31.6	$	14.7	$	0.3	$	1,010.8
Timing of revenue recognition
Services transferred at a point in time	$	332.5	$	465.1	$	44.7	$	25.6	$	12.4	$	0.3	$	880.6
Services transferred over time		49.9		60.9		11.1		6.0		2.3		—		130.2
	$	382.4	$	526.0	$	55.8	$	31.6	$	14.7	$	0.3	$	1,010.8

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 December 31, 2021		Cash Additions		Revenue Recognized		Balance at March 31, 2022
Liquidity provider sliding scale (1)	$	—	$	7.2	$	(1.8)	$	5.4
Other, net		15.3		9.3		(3.5)		21.1
Total deferred revenue	$	15.3	$	16.5	$	(5.3)	$	26.5

(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.