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Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2025
Accounting Policies [Abstract] |
Summary of Commission Revenue by Fee Type | The following table presents commission revenue by fee type:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  |  | 2024 |  |  | 2025 |  |  | 2024 |
| (In thousands) |
Commission revenue by fee type |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Variable transaction fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Disclosed trading | $ |  | 92,640 |  |  | $ |  | 91,273 |  |  | $ |  | 286,183 |  |  | $ |  | 272,828 |
Open Trading – matched principal trading |  |  | 40,590 |  |  |  |  | 45,137 |  |  |  |  | 130,961 |  |  |  |  | 135,756 |
U.S. government bonds - matched principal trading |  |  | 4,129 |  |  |  |  | 5,525 |  |  |  |  | 13,987 |  |  |  |  | 13,384 |
Other |  |  | 8,590 |  |  |  |  | 4,802 |  |  |  |  | 20,882 |  |  |  |  | 14,728 |
Total variable transaction fees |  |  | 145,949 |  |  |  |  | 146,737 |  |  |  |  | 452,013 |  |  |  |  | 436,696 |
Distribution fees and unused minimum fees |  |  | 34,222 |  |  |  |  | 33,655 |  |  |  |  | 101,271 |  |  |  |  | 100,248 |
Total commissions | $ |  | 180,171 |  |  | $ |  | 180,392 |  |  | $ |  | 553,284 |  |  | $ |  | 536,944 |
Summary of Information Services Revenue by Timing of Recognition | The following table presents information services revenue by timing of recognition:
| Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
| (In thousands) |
Information services revenue by timing of recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred over time | $ |  | 13,334 |  |  | $ |  | 12,787 |  |  | $ |  | 38,888 |  |  | $ |  | 36,764 |
Services transferred at a point in time |  |  | 451 |  |  |  |  | 173 |  |  |  |  | 888 |  |  |  |  | 621 |
Total information services revenues | $ |  | 13,785 |  |  | $ |  | 12,960 |  |  | $ |  | 39,776 |  |  | $ |  | 37,385 |
Summary of Post-Trade Services Revenue by Timing of Recognition | The following table presents post-trade services revenue by timing of recognition:
| Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
| (In thousands) |
Post-trade services revenue by timing of recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred over time | $ |  | 11,271 |  |  | $ |  | 10,333 |  |  | $ |  | 33,360 |  |  | $ |  | 31,231 |
Services transferred at a point in time |  |  | 22 |  |  |  |  | 49 |  |  |  |  | 97 |  |  |  |  | 281 |
Total post-trade services revenues | $ |  | 11,293 |  |  | $ |  | 10,382 |  |  | $ |  | 33,457 |  |  | $ |  | 31,512 |
Summary of Technology Services Revenue by Timing of Recognition | The following table presents technology services revenue by timing of recognition:
| Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
| (In thousands) |
Technology services revenue by timing of recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Services transferred over time | $ |  | 3,424 |  |  | $ |  | 2,972 |  |  | $ |  | 9,775 |  |  | $ |  | 8,826 |
Services transferred at a point in time |  |  | 148 |  |  |  |  | 9 |  |  |  |  | 567 |  |  |  |  | 26 |
Total technology services revenues | $ |  | 3,572 |  |  | $ |  | 2,981 |  |  | $ |  | 10,342 |  |  | $ |  | 8,852 |
Summary of Revenue Recognized from Contract Liabilities and Remaining Balance | The revenue recognized from contract liabilities and the remaining balance is shown below:
|  | December 31, 2024 |  |  | Payments received in advance of services to be performed |  |  | Revenue recognized for services performed during the period |  |  | Foreign Currency Translation |  |  | September 30, 2025 |
|  |  | (In thousands) |
Information services |  | $ |  | 3,302 |  |  | $ |  | 11,438 |  |  | $ |  | (11,646 | ) |  | $ |  | — |  |  | $ |  | 3,094 |
Post-trade services |  |  |  | 1,286 |  |  |  |  | 17,261 |  |  |  |  | (17,218 | ) |  |  |  | 93 |  |  |  |  | 1,422 |
Technology services |  |  |  | 415 |  |  |  |  | 5,953 |  |  |  |  | (6,046 | ) |  |  |  | — |  |  |  |  | 322 |
Total deferred revenue |  | $ |  | 5,003 |  |  | $ |  | 34,652 |  |  | $ |  | (34,910 | ) |  | $ |  | 93 |  |  | $ |  | 4,838 |

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