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REVENUE RECOGNITION (Tables)

3 Months Ended

Mar. 31, 2023

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.