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Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2025
Accounting Policies [Abstract] |
Summary of Commission Revenue by Fee Type | The following table presents commission revenue by fee type:
| Year Ended December 31, |
| 2025 |  |  | 2024 |  |  | 2023 |
| (In thousands) |
Commission revenue by fee type |  |  |  |  |  |  |  |  |  |  |
Variable transaction fees |  |  |  |  |  |  |  |  |  |  |
Disclosed trading | $ |  | 376,599 |  |  | $ |  | 361,252 |  |  | $ |  | 323,038 |
Open Trading – matched principal trading |  |  | 175,557 |  |  |  |  | 177,966 |  |  |  |  | 178,517 |
U.S. government bonds - matched principal trading |  |  | 18,029 |  |  |  |  | 19,310 |  |  |  |  | 15,222 |
Other |  |  | 30,263 |  |  |  |  | 20,016 |  |  |  |  | 4,979 |
Total variable transaction fees |  |  | 600,448 |  |  |  |  | 578,544 |  |  |  |  | 521,756 |
Distribution fees and unused minimum fees |  |  | 134,175 |  |  |  |  | 133,166 |  |  |  |  | 141,208 |
Total commissions | $ |  | 734,623 |  |  | $ |  | 711,710 |  |  | $ |  | 662,964 |
Summary of Information Services Revenue by Timing of Recognition | The following table presents information services revenue by timing of recognition:
| Year Ended December 31, |
| 2025 |  |  | 2024 |  |  | 2023 |
| (In thousands) |
Information services revenue by timing of recognition |  |  |  |  |  |  |  |  |  |  |
Services transferred over time | $ |  | 51,941 |  |  | $ |  | 49,560 |  |  | $ |  | 45,102 |
Services transferred at a point in time |  |  | 1,289 |  |  |  |  | 980 |  |  |  |  | 1,281 |
Total information services revenues | $ |  | 53,230 |  |  | $ |  | 50,540 |  |  | $ |  | 46,383 |
Summary of Post-Trade Services Revenue by Timing of Recognition | The following table presents post-trade services revenue by timing of recognition:
| Year Ended December 31, |
| 2025 |  |  | 2024 |  |  | 2023 |
| (In thousands) |
Post-trade services revenue by timing of recognition |  |  |  |  |  |  |  |  |  |  |
Services transferred over time | $ |  | 44,319 |  |  | $ |  | 42,170 |  |  | $ |  | 40,061 |
Services transferred at a point in time |  |  | 172 |  |  |  |  | 317 |  |  |  |  | 117 |
Total post-trade services revenues | $ |  | 44,491 |  |  | $ |  | 42,487 |  |  | $ |  | 40,178 |
Summary of Technology Services Revenue by Timing of Recognition | The following table presents technology services revenue by timing of recognition:
| Year Ended December 31, |
| 2025 |  |  | 2024 |  |  | 2023 |
| (In thousands) |
Technology services revenue by timing of recognition |  |  |  |  |  |  |  |  |  |  |
Services transferred over time | $ |  | 13,150 |  |  | $ |  | 12,334 |  |  | $ |  | 3,021 |
Services transferred at a point in time |  |  | 774 |  |  |  |  | 26 |  |  |  |  | 1 |
Total technology services revenues | $ |  | 13,924 |  |  | $ |  | 12,360 |  |  | $ |  | 3,022 |
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 |  |  | Revenue billed in advance of services to be performed |  |  | Revenue recognized for services performed during the period |  |  | Foreign Currency Translation |  |  | December 31, 2025 |
|  |  | (In thousands) |
Information services |  | $ |  | 3,302 |  |  | $ |  | 15,512 |  |  | $ |  | (15,471 | ) |  | $ |  | — |  |  | $ |  | 3,343 |
Post-trade services |  |  |  | 1,286 |  |  |  |  | 21,552 |  |  |  |  | (21,553 | ) |  |  |  | 91 |  |  |  |  | 1,376 |
Technology services |  |  |  | 415 |  |  |  |  | 5,943 |  |  |  |  | (6,046 | ) |  |  |  | — |  |  |  |  | 312 |
Total deferred revenue |  | $ |  | 5,003 |  |  | $ |  | 43,007 |  |  | $ |  | (43,070 | ) |  | $ |  | 91 |  |  | $ |  | 5,031 |

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