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REVENUE RECOGNITION (Tables)

9 Months Ended

Sep. 30, 2023

REVENUE RECOGNITION

Schedule of disaggregated revenue contract types


		Cash			Data and
		and Spot			Access			Derivatives
		Markets			Solutions			Markets			Total
Three Months Ended September 30, 2023
Transaction and clearing fees		$	268.6		$	—		$	410.0		$	678.6
Access and capacity fees			—			87.7			—			87.7
Market data fees			18.7			48.6			9.3			76.6
Regulatory fees			30.3			—			16.7			47.0
Other revenue			17.5			0.7			0.7			18.9
		$	335.1		$	137.0		$	436.7		$	908.8

		Cash			Data and
		and Spot			Access			Derivatives
		Markets			Solutions			Markets			Total
Three Months Ended September 30, 2022
Transaction and clearing fees		$	315.5		$	—		$	400.0		$	715.5
Access and capacity fees			—			81.8			—			81.8
Market data fees			19.9			43.1			8.0			71.0
Regulatory fees			90.4			—			24.5			114.9
Other revenue			8.4			1.2			0.7			10.3
		$	434.2		$	126.1		$	433.2		$	993.5


		Cash			Data and
		and Spot			Access			Derivatives
		Markets			Solutions			Markets			Total
Nine Months Ended September 30, 2023
Transaction and clearing fees		$	859.5		$	—		$	1,237.3		$	2,096.8
Access and capacity fees			—			258.8			—			258.8
Market data fees			54.3			140.8			25.9			221.0
Regulatory fees			121.6			—			54.3			175.9
Other revenue			48.0			2.1			2.2			52.3
		$	1,083.4		$	401.7		$	1,319.7		$	2,804.8

		Cash			Data and
		and Spot			Access			Derivatives
		Markets			Solutions			Markets			Total
Nine Months Ended September 30, 2022
Transaction and clearing fees		$	1,070.2		$	—		$	1,150.2		$	2,220.4
Access and capacity fees			—			241.5			—			241.5
Market data fees			62.1			123.7			24.7			210.5
Regulatory fees			191.0			—			53.3			244.3
Other revenue			31.3			3.7			2.1			37.1
		$	1,354.6		$	368.9		$	1,230.3		$	2,953.8

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 September 30, 2023
Transaction and clearing fees		$	384.6		$	221.9		$	32.6		$	25.4		$	15.6		$	(1.5)		$	678.6
Access and capacity fees			40.4			29.6			9.3			5.7			2.6			0.1			87.7
Market data fees			31.4			33.4			9.2			2.2			0.4			—			76.6
Regulatory fees			16.6			30.3			—			0.1			—			—			47.0
Other revenue			1.2			1.9			15.7			—			0.1			—			18.9
		$	474.2		$	317.1		$	66.8		$	33.4		$	18.7		$	(1.4)		$	908.8
Timing of revenue recognition
Services transferred at a point in time		$	402.4		$	254.1		$	48.3		$	25.5		$	15.7		$	(1.5)		$	744.5
Services transferred over time			71.8			63.0			18.5			7.9			3.0			0.1			164.3
		$	474.2		$	317.1		$	66.8		$	33.4		$	18.7		$	(1.4)		$	908.8

Three Months Ended September 30, 2022
Transaction and clearing fees		$	377.7		$	264.6		$	35.9		$	22.3		$	14.9		$	0.1		$	715.5
Access and capacity fees			38.6			27.8			8.1			5.0			2.3			—			81.8
Market data fees			26.4			34.0			8.4			1.9			0.3			—			71.0
Regulatory fees			24.4			90.4			—			0.1			—			—			114.9
Other revenue			1.8			1.9			6.5			—			0.1			—			10.3
		$	468.9		$	418.7		$	58.9		$	29.3		$	17.6		$	0.1		$	993.5
Timing of revenue recognition
Services transferred at a point in time		$	403.9		$	356.9		$	42.4		$	22.4		$	15.0		$	0.1		$	840.7
Services transferred over time			65.0			61.8			16.5			6.9			2.6			—			152.8
		$	468.9		$	418.7		$	58.9		$	29.3		$	17.6		$	0.1		$	993.5


					North			Europe
					American			and Asia						Global
		Options			Equities			Pacific			Futures			FX			Digital			Total
Nine Months Ended September 30, 2023
Transaction and clearing fees		$	1,164.7		$	706.3		$	110.3		$	72.6		$	46.4		$	(3.5)		$	2,096.8
Access and capacity fees			119.6			87.0			27.4			16.5			7.9			0.4			258.8
Market data fees			89.4			96.8			27.5			6.2			1.1			—			221.0
Regulatory fees			54.1			121.6			—			0.2			—			—			175.9
Other revenue			4.0			5.8			42.2			—			0.3			—			52.3
		$	1,431.8		$	1,017.5		$	207.4		$	95.5		$	55.7		$	(3.1)		$	2,804.8
Timing of revenue recognition
Services transferred at a point in time		$	1,222.8		$	833.7		$	152.5		$	72.8		$	46.7		$	(3.5)		$	2,325.0
Services transferred over time			209.0			183.8			54.9			22.7			9.0			0.4			479.8
		$	1,431.8		$	1,017.5		$	207.4		$	95.5		$	55.7		$	(3.1)		$	2,804.8

Nine Months Ended September 30, 2022
Transaction and clearing fees		$	1,079.0		$	899.9		$	126.6		$	71.1		$	43.6		$	0.2		$	2,220.4
Access and capacity fees			112.7			81.1			26.1			14.7			6.9			—			241.5
Market data fees			79.4			99.4			24.8			6.0			0.9			—			210.5
Regulatory fees			53.0			191.0			—			0.3			—			—			244.3
Other revenue			5.6			3.8			27.4			—			0.3			—			37.1
		$	1,329.7		$	1,275.2		$	204.9		$	92.1		$	51.7		$	0.2		$	2,953.8
Timing of revenue recognition
Services transferred at a point in time		$	1,137.6		$	1,094.7		$	154.0		$	71.4		$	43.9		$	0.2		$	2,501.8
Services transferred over time			192.1			180.5			50.9			20.7			7.8			—			452.0
		$	1,329.7		$	1,275.2		$	204.9		$	92.1		$	51.7		$	0.2		$	2,953.8

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, 2022			Cash Additions			Revenue Recognized			Balance at September 30, 2023
Liquidity provider sliding scale (1)		$	—		$	7.2		$	(5.4)		$	1.8
Other, net			11.7			14.5			(18.9)			7.3
Total deferred revenue		$	11.7		$	21.7		$	(24.3)		$	9.1

(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.