Sale of RFQ-hub

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

RFQ‑hub is a multi‑asset platform for global listed and over‑the‑counter (“OTC”) financial instruments. It connects buy‑side trading desks and portfolio managers with a large network of sell‑side market makers in Europe, North America and the APAC region, allowing these trading desks to place requests‑for‑quotes (“RFQ”) in negotiated equities, futures, options, swaps, convertible bonds, structured products and commodities. In May 2022, the Company formed a consortium of strategic

partners and investors to own and support the growth of the RFQ-hub business. Through a series of related transactions, we sold a substantial minority interest in the business to multiple strategic partners and have maintained a majority ownership interest.

On April 19, 2024, the Company entered into a Unit Purchase Agreement with MarketAxess Holdings Inc. (“MarketAxess”) pursuant to which the Company has agreed to sell a 49% interest in the multi-asset request-for-quote communication platform JV, RFQ-hub Holdings LLC (“RFQ-hub Holdings,” or collectively with its wholly owned or controlled subsidiaries, “RFQ-hub”, which includes RFQ-hub Americas LLC, or “RAL”).

On May 9, 2025, the Company completed the sale of a 49% interest in RFQ-hub to MarketAxess for total gross proceeds of $37.9 million in cash. Upon the closing of the sale, the Company retains a minority interest of approximately 2% in RFQ-hub. The Company deconsolidated RFQ-hub and recognized a gain on sale of $67.0 million, which was recorded in Other, net on the Consolidated Statements of Comprehensive Income.

A summary of the gain on sale and deconsolidation of RFQ-hub is as follows:


(in thousands)	May 9, 2025
Total sale proceeds received	$	37,932
Retained noncontrolling investments	1,548
Carrying value of noncontrolling interest deconsolidated	35,608
Carrying value of RFQ-hub’s net assets:
Cash and cash equivalents	$	1,554
Receivables from broker-dealers and clearing organizations	512
Property, equipment and capitalized software (net)	736
Intangibles (net)	3,043
Other assets	3,939
Liabilities	$	(1,684)

Less: Total carrying value of RFQ-hub’s net assets	$	8,100

Gain on sale of RFQ-hub	$	66,988

At December 31, 2024, the assets and liabilities of RFQ-hub classified as Assets and Liabilities of business held for sale on the Consolidated Statements of Financial Condition are summarized as follows:


(in thousands)	December 31, 2024

Business assets and liabilities held for sale:

Receivables from broker-dealers and clearing organizations	$	194
Property, equipment and capitalized software (net)	854
Intangibles (net)	3,486
Other assets	81
Liabilities	$	(1,526)

Total carrying value of RFQ-hub	$	3,089