REVENUE RECOGNITION (Tables)

3 Months Ended

Mar. 31, 2025

Revenue from Contract with Customer [Abstract]

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 and Spot Markets		Data Vantage		Derivatives Markets		Total
Three Months Ended March 31, 2025
Transaction and clearing fees	$	341.0	$	—	$	491.6	$	832.6
Access and capacity fees	—		97.8		—		97.8
Market data fees	15.7		54.0		8.1		77.8
Regulatory fees	120.7		—		41.1		161.8
Other revenue	23.5		0.7		0.8		25.0
	$	500.9	$	152.5	$	541.6	$	1,195.0


	Cash and Spot Markets		Data Vantage		Derivatives 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

Schedule of Disaggregation of Revenue According to Segment

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


	Options		North American Equities		Europe and Asia Pacific		Futures		Global FX		Digital (1)		Total
Three Months Ended March 31, 2025
Transaction and clearing fees	$	464.5	$	271.7	$	50.8	$	27.1	$	18.5	$	—	$	832.6
Access and capacity fees	44.0		34.5		10.9		5.6		2.8		—		97.8
Market data fees	33.6		31.0		10.3		2.5		0.4		—		77.8
Regulatory fees	41.1		120.7		—		—		—		—		161.8
Other revenue	1.4		2.2		21.1		0.1		0.2		—		25.0
	$	584.6	$	460.1	$	93.1	$	35.3	$	21.9	$	—	$	1,195.0
Timing of revenue recognition
Services transferred at a point in time	$	507.0	$	394.6	$	71.9	$	27.2	$	18.7	$	—	$	1,019.4
Services transferred over time	77.6		65.5		21.2		8.1		3.2		—		175.6
	$	584.6	$	460.1	$	93.1	$	35.3	$	21.9	$	—	$	1,195.0

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

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(1)The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. Digital results from the first quarter of 2024 have been retained in the former Digital segment for comparative purposes. See Note 1 ("Organization and Basis of Presentation") for additional information.

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, 2024		Cash Additions		Revenue Recognized		Balance at March 31, 2025
Liquidity provider sliding scale (1)	$	2.4	$	4.8	$	(1.8)	$	5.4
Other, net (2)	4.2		7.7		(3.8)		8.1
Total deferred revenue	$	6.6	$	12.5	$	(5.6)	$	13.5

___________________________

(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.

(2)Other, net deferred revenue represents cash received for unsatisfied performance obligations of liability classified contract liabilities that have yet to be recognized as revenue in the condensed consolidated statements of income, which include but are not limited to: licensing fees, listing fees, adjustments related to ORF, membership fees, and data subscription fees.