XML 401 R29.htm IDEA: XBRL DOCUMENT v3.24.2
Related Party Transactions
 6 Months Ended
Jun. 30, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
The Company incurs expenses and maintains balances with its affiliates in the ordinary course of business. As of June 30, 2024 and December 31, 2023 the Company had net payables to its affiliates of $1.7 million and $1.5 million, respectively.

The Company has held a minority interest in JNX since 2016 (see Note 10 “Financial Assets and Liabilities”). The Company pays exchange fees to JNX for the trading activities conducted on its proprietary trading system. The Company paid $2.8 million and $3.4 million for the three months ended June 30, 2024 and 2023, respectively, and $5.0 million and $5.9 million for the six months ended June 30, 2024 and 2023, respectively, to JNX for these trading activities.

The Company pays monthly use fees to two JVs in which it holds interests (see Note 12 “Variable Interest Entities”). These monthly fees are for the use of microwave communication networks operated by each of these JVs and are recorded within Communications and data processing on the Condensed Consolidated Statements of Comprehensive Income. The Company made payments to these JVs of $7.4 million and $6.3 million for the three months ended June 30, 2024 and 2023, respectively, and $14.8 million and $12.6 million for the six months ended June 30, 2024 and 2023, respectively.

The Company has an interest in Members Exchange, a member-owned equities exchange. The Company pays regulatory and transaction fees and receives rebates from trading activities. The Company made payments of $3.3 million and $0.1 million for the three months ended June 30, 2024 and 2023, respectively, and $4.8 million and $0.2 million for the six months ended June 30, 2024 and 2023, respectively.