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REVENUE RECOGNITION (Tables)

6 Months Ended

Jun. 30, 2023

REVENUE RECOGNITION

Schedule of disaggregated revenue contract types


		Cash			Data and
		and Spot			Access			Derivatives
		Markets			Solutions			Markets			Total
Three Months Ended June 30, 2023
Transaction and clearing fees		$	279.0		$	—		$	406.7		$	685.7
Access and capacity fees			—			86.9			—			86.9
Market data fees			17.7			47.7			8.1			73.5
Regulatory fees			28.7			—			15.7			44.4
Other revenue			15.9			0.7			0.7			17.3
		$	341.3		$	135.3		$	431.2		$	907.8

		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
Six Months Ended June 30, 2023
Transaction and clearing fees		$	590.9		$	—		$	827.3		$	1,418.2
Access and capacity fees			—			171.1			—			171.1
Market data fees			35.6			92.2			16.6			144.4
Regulatory fees			91.3			—			37.6			128.9
Other revenue			30.5			1.4			1.5			33.4
		$	748.3		$	264.7		$	883.0		$	1,896.0

		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

Schedule of disaggregation of revenue according to segment

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


					North			Europe
					American			and Asia						Global
		Options			Equities			Pacific			Futures			FX			Digital			Total
Three Months Ended June 30, 2023
Transaction and clearing fees		$	384.3		$	229.4		$	35.6		$	22.4		$	15.0		$	(1.0)		$	685.7
Access and capacity fees			40.3			29.0			9.2			5.5			2.7			0.2			86.9
Market data fees			30.0			31.5			9.6			2.0			0.4			—			73.5
Regulatory fees			15.6			28.7			—			0.1			—			—			44.4
Other revenue			1.3			2.0			13.9			—			0.1			—			17.3
		$	471.5		$	320.6		$	68.3		$	30.0		$	18.2		$	(0.8)		$	907.8
Timing of revenue recognition
Services transferred at a point in time		$	401.2		$	260.1		$	49.5		$	22.5		$	15.1		$	(1.0)		$	747.4
Services transferred over time			70.3			60.5			18.8			7.5			3.1			0.2			160.4
		$	471.5		$	320.6		$	68.3		$	30.0		$	18.2		$	(0.8)		$	907.8

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


					North			Europe
					American			and Asia						Global
		Options			Equities			Pacific			Futures			FX			Digital			Total
Six Months Ended June 30, 2023
Transaction and clearing fees		$	780.1		$	484.4		$	77.7		$	47.2		$	30.8		$	(2.0)		$	1,418.2
Access and capacity fees			79.2			57.4			18.1			10.8			5.3			0.3			171.1
Market data fees			58.0			63.4			18.3			4.0			0.7			—			144.4
Regulatory fees			37.5			91.3			—			0.1			—			—			128.9
Other revenue			2.8			3.9			26.5			—			0.2			—			33.4
		$	957.6		$	700.4		$	140.6		$	62.1		$	37.0		$	(1.7)		$	1,896.0
Timing of revenue recognition
Services transferred at a point in time		$	820.4		$	579.6		$	104.2		$	47.3		$	31.0		$	(2.0)		$	1,580.5
Services transferred over time			137.2			120.8			36.4			14.8			6.0			0.3			315.5
		$	957.6		$	700.4		$	140.6		$	62.1		$	37.0		$	(1.7)		$	1,896.0

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

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 June 30, 2023
Liquidity provider sliding scale (1)		$	—		$	7.2		$	(3.6)		$	3.6
Other, net			11.7			13.3			(14.2)			10.8
Total deferred revenue		$	11.7		$	20.5		$	(17.8)		$	14.4

(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.