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REVENUE RECOGNITION (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024
Transaction and clearing fees		$	305.2		$	—		$	413.3		$	718.5
Access and capacity fees			—			90.1			—			90.1
Market data fees			16.0			49.3			6.7			72.0
Regulatory fees			34.9			—			15.3			50.2
Other revenue			24.8			0.8			0.8			26.4
		$	380.9		$	140.2		$	436.1		$	957.2

		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

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 March 31, 2024
Transaction and clearing fees		$	389.8		$	251.7		$	38.8		$	23.5		$	15.5		$	(0.8)		$	718.5
Access and capacity fees			41.7			29.7			10.1			5.7			2.8			0.1			90.1
Market data fees			29.1			30.7			9.7			2.2			0.3			—			72.0
Regulatory fees			15.3			34.9			—			—			—			—			50.2
Other revenue			1.5			2.6			22.1			—			0.2			—			26.4
		$	477.4		$	349.6		$	80.7		$	31.4		$	18.8		$	(0.7)		$	957.2
Timing of revenue recognition
Services transferred at a point in time		$	406.6		$	289.2		$	60.9		$	23.5		$	15.7		$	(0.8)		$	795.1
Services transferred over time			70.8			60.4			19.8			7.9			3.1			0.1			162.1
		$	477.4		$	349.6		$	80.7		$	31.4		$	18.8		$	(0.7)		$	957.2

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

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, 2023			Cash Additions			Revenue Recognized			Balance at March 31, 2024
Liquidity provider sliding scale (1)		$	—		$	7.2		$	(1.8)		$	5.4
Other, net			6.1			7.3			(5.7)			7.7
Total deferred revenue		$	6.1		$	14.5		$	(7.5)		$	13.1

(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.