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REVENUE RECOGNITION (Tables)

9 Months Ended

Sep. 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 September 30, 2025
Transaction and clearing fees			$	377.0					$	—					$	542.9					$	919.9
Access and capacity fees			—						103.9						—						103.9
Market data fees			16.8						57.5						9.4						83.7
Regulatory fees			1.0						—						10.8						11.8
Other revenue			20.2						0.7						1.5						22.4
			$	415.0					$	162.1					$	564.6					$	1,141.7

			Cash and Spot Markets						Data Vantage						Derivatives Markets						Total
Three Months Ended September 30, 2024
Transaction and clearing fees			$	288.9					$	—					$	437.0					$	725.9
Access and capacity fees			—						94.2						—						94.2
Market data fees			15.5						50.7						7.3						73.5
Regulatory fees			107.9						—						31.1						139.0
Other revenue			21.8						0.7						0.6						23.1
			$	434.1					$	145.6					$	476.0					$	1,055.7

			Cash and Spot Markets						Data Vantage						Derivatives Markets						Total
Nine Months Ended September 30, 2025
Transaction and clearing fees			$	1,093.1					$	—					$	1,527.1					$	2,620.2
Access and capacity fees			—						302.9						—						302.9
Market data fees			49.5						167.9						26.5						243.9
Regulatory fees			193.0						—						77.4						270.4
Other revenue			67.9						2.1						2.8						72.8
			$	1,403.5					$	472.9					$	1,633.8					$	3,510.2

			Cash and Spot Markets						Data Vantage						Derivatives Markets						Total
Nine Months Ended September 30, 2024
Transaction and clearing fees			$	877.7					$	—					$	1,264.3					$	2,142.0
Access and capacity fees			—						274.8						—						274.8
Market data fees			46.1						150.9						22.2						219.2
Regulatory fees			206.0						—						69.1						275.1
Other revenue			71.6						2.2						2.0						75.8
			$	1,201.4					$	427.9					$	1,357.6					$	2,986.9

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 September 30, 2025
Transaction and clearing fees			$	519.0					$	305.1					$	52.4					$	23.8					$	19.6					$	—					$	919.9
Access and capacity fees			47.0						36.6						11.8						5.7						2.8						—						103.9
Market data fees			37.2						32.8						10.8						2.5						0.4						—						83.7
Regulatory fees			10.8						1.0						—						—						—						—						11.8
Other revenue			2.0						2.3						17.8						—						0.3						—						22.4
			$	616.0					$	377.8					$	92.8					$	32.0					$	23.1					$	—					$	1,141.7
Timing of revenue recognition
Services transferred at a point in time			$	531.8					$	308.4					$	70.2					$	23.8					$	19.9					$	—					$	954.1
Services transferred over time			84.2						69.4						22.6						8.2						3.2						—						187.6
			$	616.0					$	377.8					$	92.8					$	32.0					$	23.1					$	—					$	1,141.7
Three Months Ended September 30, 2024
Transaction and clearing fees			$	405.3					$	231.0					$	40.5					$	31.7					$	17.4					$	—					$	725.9
Access and capacity fees			42.3						33.2						10.3						5.7						2.7						—						94.2
Market data fees			30.5						30.2						10.0						2.4						0.4						—						73.5
Regulatory fees			31.0						107.9						—						0.1						—						—						139.0
Other revenue			1.2						1.3						20.3						—						0.2						0.1						23.1
			$	510.3					$	403.6					$	81.1					$	39.9					$	20.7					$	0.1					$	1,055.7
Timing of revenue recognition
Services transferred at a point in time			$	437.5					$	340.2					$	60.8					$	31.8					$	17.6					$	0.1					$	888.0
Services transferred over time			72.8						63.4						20.3						8.1						3.1						—						167.7
			$	510.3					$	403.6					$	81.1					$	39.9					$	20.7					$	0.1					$	1,055.7

			Options						North American Equities						Europe and Asia Pacific						Futures						Global FX						Digital (1)						Total
Nine Months Ended September 30, 2025
Transaction and clearing fees			$	1,451.8					$	877.0					$	157.2					$	75.2					$	59.0					$	—					$	2,620.2
Access and capacity fees			136.3						106.7						34.6						17.0						8.3						—						302.9
Market data fees			106.4						96.6						32.2						7.4						1.3						—						243.9
Regulatory fees			77.3						193.0						—						0.1						—						—						270.4
Other revenue			4.6						6.4						60.9						0.1						0.8						—						72.8
			$	1,776.4					$	1,279.7					$	284.9					$	99.8					$	69.4					$	—					$	3,510.2
Timing of revenue recognition
Services transferred at a point in time			$	1,533.7					$	1,076.4					$	218.1					$	75.4					$	59.8					$	—					$	2,963.4
Services transferred over time			242.7						203.3						66.8						24.4						9.6						—						546.8
			$	1,776.4					$	1,279.7					$	284.9					$	99.8					$	69.4					$	—					$	3,510.2
Nine Months Ended September 30, 2024
Transaction and clearing fees			$	1,181.0					$	709.9					$	118.2					$	83.3					$	50.0					$	(0.4)					$	2,142.0
Access and capacity fees			125.6						93.5						30.4						16.9						8.3						0.1						274.8
Market data fees			90.6						91.2						29.5						6.8						1.1						—						219.2
Regulatory fees			68.9						206.0						—						0.2						—						—						275.1
Other revenue			3.9						5.9						65.3						—						0.6						0.1						75.8
			$	1,470.0					$	1,106.5					$	243.4					$	107.2					$	60.0					$	(0.2)					$	2,986.9
Timing of revenue recognition
Services transferred at a point in time			$	1,253.8					$	921.8					$	183.5					$	83.5					$	50.6					$	(0.3)					$	2,492.9
Services transferred over time			216.2						184.7						59.9						23.7						9.4						0.1						494.0
			$	1,470.0					$	1,106.5					$	243.4					$	107.2					$	60.0					$	(0.2)					$	2,986.9

__________________________

(1)The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. Digital results from 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 September 30, 2025
Liquidity provider sliding scale (1)			$	2.4					$	4.8					$	(5.4)					$	1.8
Other, net (2)			4.2						12.9						(12.0)						5.1
Total deferred revenue			$	6.6					$	17.7					$	(17.4)					$	6.9

___________________________

(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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Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

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Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information.

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