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v3.23.1

REVENUE RECOGNITION (Tables) | 3 Months Ended
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Mar. 31, 2023
REVENUE RECOGNITION |
Schedule of disaggregated revenue contract types | The following table depicts the disaggregated revenue contract types listed above within each respective financial statement caption in the condensed consolidated statements of income (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Cash | ​ | Data and | ​ | ​ | ​ | ​
​ | ​ | and Spot | ​ | Access | ​ | Derivatives | ​ | ​
​ |  | Markets |  | Solutions |  | Markets |  | Total
Three Months Ended March 31, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Transaction and clearing fees | ​ | $ | 311.9 | ​ | $ | — | ​ | $ | 420.6 | ​ | $ | 732.5
Access and capacity fees | ​ | ​ | — | ​ | ​ | 84.2 | ​ | ​ | — | ​ | ​ | 84.2
Market data fees | ​ | ​ | 17.9 | ​ | ​ | 44.5 | ​ | ​ | 8.5 | ​ | ​ | 70.9
Regulatory fees | ​ | ​ | 62.6 | ​ | ​ | — | ​ | ​ | 21.9 | ​ | ​ | 84.5
Other revenue | ​ | ​ | 14.6 | ​ | ​ | 0.7 | ​ | ​ | 0.8 | ​ | ​ | 16.1
​ | ​ | $ | 407.0 | ​ | $ | 129.4 | ​ | $ | 451.8 | ​ | $ | 988.2
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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
Schedule of disaggregation of revenue according to segment | 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 March 31, 2023
Transaction and clearing fees | ​ | $ | 395.8 | ​ | $ | 255.0 | ​ | $ | 42.1 | ​ | $ | 24.8 | ​ | $ | 15.8 | ​ | $ | (1.0) | ​ | $ | — | ​ | $ | 732.5
Access and capacity fees | ​ | ​ | 38.9 | ​ | ​ | 28.4 | ​ | ​ | 8.9 | ​ | ​ | 5.3 | ​ | ​ | 2.6 | ​ | ​ | 0.1 | ​ | ​ | — | ​ | ​ | 84.2
Market data fees | ​ | ​ | 28.0 | ​ | ​ | 31.9 | ​ | ​ | 8.7 | ​ | ​ | 2.0 | ​ | ​ | 0.3 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 70.9
Regulatory fees | ​ | ​ | 21.9 | ​ | ​ | 62.6 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 84.5
Other revenue | ​ | ​ | 1.5 | ​ | ​ | 1.9 | ​ | ​ | 12.6 | ​ | ​ | — | ​ | ​ | 0.1 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 16.1
​ | ​ | $ | 486.1 | ​ | $ | 379.8 | ​ | $ | 72.3 | ​ | $ | 32.1 | ​ | $ | 18.8 | ​ | $ | (0.9) | ​ | $ | — | ​ | $ | 988.2
Timing of revenue recognition | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Services transferred at a point in time | ​ | $ | 419.2 | ​ | $ | 319.5 | ​ | $ | 54.7 | ​ | $ | 24.8 | ​ | $ | 15.9 | ​ | $ | (1.0) | ​ | $ | — | ​ | $ | 833.1
Services transferred over time | ​ | ​ | 66.9 | ​ | ​ | 60.3 | ​ | ​ | 17.6 | ​ | ​ | 7.3 | ​ | ​ | 2.9 | ​ | ​ | 0.1 | ​ | ​ | — | ​ | ​ | 155.1
​ | ​ | $ | 486.1 | ​ | $ | 379.8 | ​ | $ | 72.3 | ​ | $ | 32.1 | ​ | $ | 18.8 | ​ | $ | (0.9) | ​ | $ | — | ​ | $ | 988.2
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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
​
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, 2022 |  | Cash Additions |  | Revenue Recognized |  | Balance at March 31, 2023
Liquidity provider sliding scale (1) | ​ | $ | — | ​ | $ | 7.2 | ​ | $ | (1.8) | ​ | $ | 5.4
Other, net | ​ | ​ | 11.7 | ​ | ​ | 11.1 | ​ | ​ | (6.5) | ​ | ​ | 16.3
Total deferred revenue | ​ | $ | 11.7 | ​ | $ | 18.3 | ​ | $ | (8.3) | ​ | $ | 21.7
(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.

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