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REVENUE RECOGNITION (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2025 |  |  |  |  |  |  |
Transaction and clearing fees | $ | 375.1 |  |  | $ | — |  |  | $ | 492.6 |  |  | $ | 867.7 |
Access and capacity fees | — |  |  | 101.2 |  |  | — |  |  | 101.2 |
Market data fees | 17.0 |  |  | 56.4 |  |  | 9.0 |  |  | 82.4 |
Regulatory fees | 71.3 |  |  | — |  |  | 25.5 |  |  | 96.8 |
Other revenue | 24.2 |  |  | 0.7 |  |  | 0.5 |  |  | 25.4 |
| $ | 487.6 |  |  | $ | 158.3 |  |  | $ | 527.6 |  |  | $ | 1,173.5 |
| Cash and Spot Markets |  | Data Vantage |  | Derivatives Markets |  | Total
Three Months Ended June 30, 2024 |  |  |  |  |  |  |
Transaction and clearing fees | $ | 283.6 |  |  | $ | — |  |  | $ | 414.0 |  |  | $ | 697.6 |
Access and capacity fees | — |  |  | 90.5 |  |  | — |  |  | 90.5 |
Market data fees | 14.6 |  |  | 50.9 |  |  | 8.2 |  |  | 73.7 |
Regulatory fees | 63.2 |  |  | — |  |  | 22.7 |  |  | 85.9 |
Other revenue | 25.0 |  |  | 0.7 |  |  | 0.6 |  |  | 26.3 |
| $ | 386.4 |  |  | $ | 142.1 |  |  | $ | 445.5 |  |  | $ | 974.0 |
| Cash and Spot Markets |  | Data Vantage |  | Derivatives Markets |  | Total
Six Months Ended June 30, 2025 |  |  |  |  |  |  |
Transaction and clearing fees | $ | 716.1 |  |  | $ | — |  |  | $ | 984.2 |  |  | $ | 1,700.3 |
Access and capacity fees | — |  |  | 199.0 |  |  | — |  |  | 199.0 |
Market data fees | 32.7 |  |  | 110.4 |  |  | 17.1 |  |  | 160.2 |
Regulatory fees | 192.0 |  |  | — |  |  | 66.6 |  |  | 258.6 |
Other revenue | 47.7 |  |  | 1.4 |  |  | 1.3 |  |  | 50.4 |
| $ | 988.5 |  |  | $ | 310.8 |  |  | $ | 1,069.2 |  |  | $ | 2,368.5 |
| Cash and Spot Markets |  | Data Vantage |  | Derivatives Markets |  | Total
Six Months Ended June 30, 2024 |  |  |  |  |  |  |
Transaction and clearing fees | $ | 588.8 |  |  | $ | — |  |  | $ | 827.3 |  |  | $ | 1,416.1 |
Access and capacity fees | — |  |  | 180.6 |  |  | — |  |  | 180.6 |
Market data fees | 30.6 |  |  | 100.2 |  |  | 14.9 |  |  | 145.7 |
Regulatory fees | 98.1 |  |  | — |  |  | 38.0 |  |  | 136.1 |
Other revenue | 49.8 |  |  | 1.5 |  |  | 1.4 |  |  | 52.7 |
| $ | 767.3 |  |  | $ | 282.3 |  |  | $ | 881.6 |  |  | $ | 1,931.2 |
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 June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction and clearing fees | $ | 468.3 |  |  | $ | 300.2 |  |  | $ | 54.0 |  |  | $ | 24.3 |  |  | $ | 20.9 |  |  | $ | — |  |  | $ | 867.7 |
Access and capacity fees | 45.3 |  |  | 35.6 |  |  | 11.9 |  |  | 5.7 |  |  | 2.7 |  |  | — |  |  | 101.2 |
Market data fees | 35.6 |  |  | 32.8 |  |  | 11.1 |  |  | 2.4 |  |  | 0.5 |  |  | — |  |  | 82.4 |
Regulatory fees | 25.4 |  |  | 71.3 |  |  | — |  |  | 0.1 |  |  | — |  |  | — |  |  | 96.8 |
Other revenue | 1.2 |  |  | 1.9 |  |  | 22.0 |  |  | — |  |  | 0.3 |  |  | — |  |  | 25.4 |
| $ | 575.8 |  |  | $ | 441.8 |  |  | $ | 99.0 |  |  | $ | 32.5 |  |  | $ | 24.4 |  |  | $ | — |  |  | $ | 1,173.5 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred at a point in time | $ | 494.9 |  |  | $ | 373.4 |  |  | $ | 76.0 |  |  | $ | 24.4 |  |  | $ | 21.2 |  |  | $ | — |  |  | $ | 989.9 |
Services transferred over time | 80.9 |  |  | 68.4 |  |  | 23.0 |  |  | 8.1 |  |  | 3.2 |  |  | — |  |  | 183.6 |
| $ | 575.8 |  |  | $ | 441.8 |  |  | $ | 99.0 |  |  | $ | 32.5 |  |  | $ | 24.4 |  |  | $ | — |  |  | $ | 1,173.5 |
Three Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction and clearing fees | $ | 385.9 |  |  | $ | 227.2 |  |  | $ | 38.9 |  |  | $ | 28.1 |  |  | $ | 17.1 |  |  | $ | 0.4 |  |  | $ | 697.6 |
Access and capacity fees | 41.6 |  |  | 30.6 |  |  | 10.0 |  |  | 5.5 |  |  | 2.8 |  |  | — |  |  | 90.5 |
Market data fees | 31.0 |  |  | 30.3 |  |  | 9.8 |  |  | 2.2 |  |  | 0.4 |  |  | — |  |  | 73.7 |
Regulatory fees | 22.6 |  |  | 63.2 |  |  | — |  |  | 0.1 |  |  | — |  |  | — |  |  | 85.9 |
Other revenue | 1.2 |  |  | 2.0 |  |  | 22.9 |  |  | — |  |  | 0.2 |  |  | — |  |  | 26.3 |
| $ | 482.3 |  |  | $ | 353.3 |  |  | $ | 81.6 |  |  | $ | 35.9 |  |  | $ | 20.5 |  |  | $ | 0.4 |  |  | $ | 974.0 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred at a point in time | $ | 409.7 |  |  | $ | 292.4 |  |  | $ | 61.8 |  |  | $ | 28.2 |  |  | $ | 17.3 |  |  | $ | 0.4 |  |  | $ | 809.8 |
Services transferred over time | 72.6 |  |  | 60.9 |  |  | 19.8 |  |  | 7.7 |  |  | 3.2 |  |  | — |  |  | 164.2 |
| $ | 482.3 |  |  | $ | 353.3 |  |  | $ | 81.6 |  |  | $ | 35.9 |  |  | $ | 20.5 |  |  | $ | 0.4 |  |  | $ | 974.0 |
| Options |  | North American Equities |  | Europe and Asia Pacific |  | Futures |  | Global FX |  | Digital (1) |  | Total
Six Months Ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction and clearing fees | $ | 932.8 |  |  | $ | 571.9 |  |  | $ | 104.8 |  |  | $ | 51.4 |  |  | $ | 39.4 |  |  | $ | — |  |  | $ | 1,700.3 |
Access and capacity fees | 89.3 |  |  | 70.1 |  |  | 22.8 |  |  | 11.3 |  |  | 5.5 |  |  | — |  |  | 199.0 |
Market data fees | 69.2 |  |  | 63.8 |  |  | 21.4 |  |  | 4.9 |  |  | 0.9 |  |  | — |  |  | 160.2 |
Regulatory fees | 66.5 |  |  | 192.0 |  |  | — |  |  | 0.1 |  |  | — |  |  | — |  |  | 258.6 |
Other revenue | 2.6 |  |  | 4.1 |  |  | 43.1 |  |  | 0.1 |  |  | 0.5 |  |  | — |  |  | 50.4 |
| $ | 1,160.4 |  |  | $ | 901.9 |  |  | $ | 192.1 |  |  | $ | 67.8 |  |  | $ | 46.3 |  |  | $ | — |  |  | $ | 2,368.5 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred at a point in time | $ | 1,001.9 |  |  | $ | 768.0 |  |  | $ | 147.9 |  |  | $ | 51.6 |  |  | $ | 39.9 |  |  | $ | — |  |  | $ | 2,009.3 |
Services transferred over time | 158.5 |  |  | 133.9 |  |  | 44.2 |  |  | 16.2 |  |  | 6.4 |  |  | — |  |  | 359.2 |
| $ | 1,160.4 |  |  | $ | 901.9 |  |  | $ | 192.1 |  |  | $ | 67.8 |  |  | $ | 46.3 |  |  | $ | — |  |  | $ | 2,368.5 |
Six Months Ended June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction and clearing fees | $ | 775.7 |  |  | $ | 478.9 |  |  | $ | 77.7 |  |  | $ | 51.6 |  |  | $ | 32.6 |  |  | $ | (0.4) |  |  | $ | 1,416.1 |
Access and capacity fees | 83.3 |  |  | 60.3 |  |  | 20.1 |  |  | 11.2 |  |  | 5.6 |  |  | 0.1 |  |  | 180.6 |
Market data fees | 60.1 |  |  | 61.0 |  |  | 19.5 |  |  | 4.4 |  |  | 0.7 |  |  | — |  |  | 145.7 |
Regulatory fees | 37.9 |  |  | 98.1 |  |  | — |  |  | 0.1 |  |  | — |  |  | — |  |  | 136.1 |
Other revenue | 2.7 |  |  | 4.6 |  |  | 45.0 |  |  | — |  |  | 0.4 |  |  | — |  |  | 52.7 |
| $ | 959.7 |  |  | $ | 702.9 |  |  | $ | 162.3 |  |  | $ | 67.3 |  |  | $ | 39.3 |  |  | $ | (0.3) |  |  | $ | 1,931.2 |
Timing of revenue recognition |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred at a point in time | $ | 816.3 |  |  | $ | 581.6 |  |  | $ | 122.7 |  |  | $ | 51.7 |  |  | $ | 33.0 |  |  | $ | (0.4) |  |  | $ | 1,604.9 |
Services transferred over time | 143.4 |  |  | 121.3 |  |  | 39.6 |  |  | 15.6 |  |  | 6.3 |  |  | 0.1 |  |  | 326.3 |
| $ | 959.7 |  |  | $ | 702.9 |  |  | $ | 162.3 |  |  | $ | 67.3 |  |  | $ | 39.3 |  |  | $ | (0.3) |  |  | $ | 1,931.2 |
__________________________ (1)The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. Digital results from the three and six month periods ended June 30, 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 June 30, 2025
Liquidity provider sliding scale (1) | $ | 2.4 |  |  | $ | 4.8 |  |  | $ | (3.6) |  |  | $ | 3.6 |
Other, net (2) | 4.2 |  |  | 10.5 |  |  | (7.7) |  |  | 7.0 |
Total deferred revenue | $ | 6.6 |  |  | $ | 15.3 |  |  | $ | (11.3) |  |  | $ | 10.6 |
___________________________ (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.

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