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REVENUE RECOGNITION (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of disaggregated revenue contract types


	Cash		Data and
	and Spot		Access		Derivatives
	Markets		Solutions		Markets		Total
Three Months Ended June 30, 2022
Transaction and clearing fees	$	359.2	$	—	$	376.1	$	735.3
Access and capacity fees		—		81.8		—		81.8
Market data fees		19.3		41.0		8.5		68.8
Regulatory fees		68.7		—		18.1		86.8
Other revenue		11.3		1.1		0.7		13.1
	$	458.5	$	123.9	$	403.4	$	985.8

	Cash		Data and
	and Spot		Access		Derivatives
	Markets		Solutions		Markets		Total
Three Months Ended June 30, 2021
Transaction and clearing fees	$	312.7	$	—	$	305.5	$	618.2
Access and capacity fees		—		67.1		—		67.1
Market data fees		23.9		30.9		8.0		62.8
Regulatory fees		26.1		—		10.8		36.9
Other revenue		10.0		5.0		0.8		15.8
	$	372.7	$	103.0	$	325.1	$	800.8


	Cash		Data and
	and Spot		Access		Derivatives
	Markets		Solutions		Markets		Total
Six Months Ended June 30, 2022
Transaction and clearing fees	$	754.7	$	—	$	750.2	$	1,504.9
Access and capacity fees		—		159.7		—		159.7
Market data fees		42.2		80.6		16.7		139.5
Regulatory fees		100.6		—		28.8		129.4
Other revenue		22.9		2.5		1.4		26.8
	$	920.4	$	242.8	$	797.1	$	1,960.3

	Cash		Data and
	and Spot		Access		Derivatives
	Markets		Solutions		Markets		Total
Six Months Ended June 30, 2021
Transaction and clearing fees	$	741.6	$	—	$	639.8	$	1,381.4
Access and capacity fees		—		133.5		—		133.5
Market data fees		50.8		60.6		15.2		126.6
Regulatory fees		108.5		—		29.9		138.4
Other revenue		20.7		9.5		1.5		31.7
	$	921.6	$	203.6	$	686.4	$	1,811.6

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		Digital		Eliminations		Total
Three Months Ended June 30, 2022
Transaction and clearing fees	$	353.0	$	304.5	$	40.6	$	23.0	$	14.1	$	0.1	$	—	$	735.3
Access and capacity fees		38.3		27.3		8.7		5.2		2.3		—		—		81.8
Market data fees		27.1		31.2		8.1		2.1		0.3		—		—		68.8
Regulatory fees		17.9		68.7		—		0.2		—		—		—		86.8
Other revenue		1.9		1.1		10.0		—		0.1		—		—		13.1
	$	438.2	$	432.8	$	67.4	$	30.5	$	16.8	$	0.1	$	—	$	985.8
Timing of revenue recognition
Services transferred at a point in time	$	372.8	$	374.3	$	50.6	$	23.2	$	14.2	$	0.1	$	—	$	835.2
Services transferred over time		65.4		58.5		16.8		7.3		2.6		—		—		150.6
	$	438.2	$	432.8	$	67.4	$	30.5	$	16.8	$	0.1	$	—	$	985.8

Three Months Ended June 30, 2021
Transaction and clearing fees	$	283.2	$	268.0	$	33.3	$	22.2	$	11.5	$	—	$	—	$	618.2
Access and capacity fees		29.6		23.8		7.2		4.3		2.2		—		—		67.1
Market data fees		21.0		34.8		5.1		1.7		0.2		—		—		62.8
Regulatory fees		10.7		26.1		—		0.1		—		—		—		36.9
Other revenue		5.5		0.8		9.5		—		—		—		—		15.8
	$	350.0	$	353.5	$	55.1	$	28.3	$	13.9	$	—	$	—	$	800.8
Timing of revenue recognition
Services transferred at a point in time	$	299.4	$	294.9	$	42.8	$	22.3	$	11.5	$	—	$	—	$	670.9
Services transferred over time		50.6		58.6		12.3		6.0		2.4		—		—		129.9
	$	350.0	$	353.5	$	55.1	$	28.3	$	13.9	$	—	$	—	$	800.8


			North		Europe								Corporate
			American		and Asia				Global				Items and
	Options		Equities		Pacific		Futures		FX		Digital		Eliminations		Total
Six Months Ended June 30, 2022
Transaction and clearing fees	$	701.3	$	635.3	$	90.7	$	48.8	$	28.7	$	0.1	$	—	$	1,504.9
Access and capacity fees		74.1		53.3		18.0		9.7		4.6		—		—		159.7
Market data fees		53.0		65.4		16.4		4.1		0.6		—		—		139.5
Regulatory fees		28.6		100.6		—		0.2		—		—		—		129.4
Other revenue		3.8		1.9		20.9		—		0.2		—		—		26.8
	$	860.8	$	856.5	$	146.0	$	62.8	$	34.1	$	0.1	$	—	$	1,960.3
Timing of revenue recognition
Services transferred at a point in time	$	733.7	$	737.8	$	111.6	$	49.0	$	28.9	$	0.1	$	—	$	1,661.1
Services transferred over time		127.1		118.7		34.4		13.8		5.2		—		—		299.2
	$	860.8	$	856.5	$	146.0	$	62.8	$	34.1	$	0.1	$	—	$	1,960.3

Six Months Ended June 30, 2021
Transaction and clearing fees	$	591.9	$	649.8	$	68.0	$	47.8	$	23.9	$	—	$	—	$	1,381.4
Access and capacity fees		59.0		47.2		14.3		8.7		4.3		—		—		133.5
Market data fees		41.5		72.3		9.1		3.3		0.4		—		—		126.6
Regulatory fees		29.8		108.5		—		0.1		—		—		—		138.4
Other revenue		10.2		1.7		19.5		—		—		—		0.3		31.7
	$	732.4	$	879.5	$	110.9	$	59.9	$	28.6	$	—	$	0.3	$	1,811.6
Timing of revenue recognition
Services transferred at a point in time	$	631.9	$	760.0	$	87.5	$	47.9	$	23.9	$	—	$	0.3	$	1,551.5
Services transferred over time		100.5		119.5		23.4		12.0		4.7		—		—		260.1
	$	732.4	$	879.5	$	110.9	$	59.9	$	28.6	$	—	$	0.3	$	1,811.6

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 June 30, 2022
Liquidity provider sliding scale (1)	$	—	$	7.2	$	(3.6)	$	3.6
Other, net		15.3		11.1		(7.3)		19.1
Total deferred revenue	$	15.3	$	18.3	$	(10.9)	$	22.7

(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.