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Deferred Revenue
 9 Months Ended
Sep. 30, 2020
Revenue from Contract with Customer [Abstract]  
Deferred Revenue Revenue From Contracts With Customers
Disaggregation of Revenue
The following tables summarize the disaggregation of revenue by major product and service and by segment for the three and nine months ended September 30, 2020 and 2019:
Three Months Ended September 30, 2020
Market ServicesCorporate ServicesInformation ServicesMarket TechnologyConsolidated
(in millions)
Transaction-based trading and clearing, net$183 $— $— $— $183 
Trade management services76 — — — 76 
Listing services— 79 — — 79 
Corporate solutions— 53 — — 53 
Market data— — 107 — 107 
Index— — 86 — 86 
Investment data & analytics— — 45 — 45 
Market technology— — — 86 86 
Revenues less transaction-based expenses$259 $132 $238 $86 $715 

Three Months Ended September 30, 2019
Market ServicesCorporate ServicesInformation ServicesMarket TechnologyConsolidated
(in millions)
Transaction-based trading and clearing, net$154 $— $— $— $154 
Trade management services72 — — — 72 
Listing services— 74 — — 74 
Corporate solutions— 50 — — 50 
Market data— — 102 — 102 
Index— — 56 — 56 
Investment data & analytics— — 40 — 40 
Market technology— — — 84 84 
Revenues less transaction-based expenses$226 $124 $198 $84 $632 
For the three months ended September 30, 2020, approximately 67.0% of Market Services revenues were recognized at a point in time and 33.0% were recognized over time. For the three months ended September 30, 2019, approximately 65.0% of Market Services revenues were recognized at a point in time and 35.0% were recognized over time. Substantially all revenues from the Corporate Services, Information Services and Market Technology segments were recognized over time for the three months ended September 30, 2020 and 2019.
Nine Months Ended September 30, 2020
 Market ServicesCorporate ServicesInformation ServicesMarket TechnologyConsolidated
 (in millions)
Transaction-based trading and clearing, net
$596 $— $— $— $596 
Trade management services
221 — — — 221 
Listing services
— 228 — — 228 
Corporate solutions
— 158 — — 158 
Market data
— — 305 — 305 
Index
— — 227 — 227 
Investment data & analytics
— — 129 — 129 
Market technology
— — — 251 251 
Revenues less transaction-based expenses
$817 $386 $661 $251 $2,115 
Nine Months Ended September 30, 2019
 Market ServicesCorporate ServicesInformation ServicesMarket TechnologyOther RevenuesConsolidated
 (in millions)
Transaction-based trading and clearing, net
$468 $— $— $— $— $468 
Trade management services
219 — — — — 219 
Listing services
— 219 — — — 219 
Corporate solutions
— 149 — — — 149 
Market data
— — 302 — — 302 
Index
— — 166 — — 166 
Investment data & analytics
— — 117 — — 117 
Market technology
— — — 239 — 239 
Other revenues
— — — — 10 10 
Revenues less transaction-based expenses
$687 $368 $585 $239 $10 $1,889 
For the nine months ended September 30, 2020, approximately 70.0% of Market Services revenues were recognized at a point in time and 30.0% were recognized over time. For the nine months ended September 30, 2019, approximately 65.0% of Market Services revenues were recognized at a point in time and 35.0% were recognized over time. The increase in Market Services revenues recognized at a point in time for the nine months ended September 30, 2020 compared with the same period in 2019 was primarily due to higher U.S. industry trading volumes in our equity derivative trading and clearing business and higher U.S. and European industry trading volumes in our cash equity trading business. Substantially all revenues from the Corporate Services, Information Services and Market Technology segments were recognized over time for the nine months ended September 30, 2020 and 2019.
* * * * * *
Contract Balances
Substantially all of our revenues are considered to be revenues from contracts with customers. The related accounts receivable balances are recorded in our Condensed Consolidated Balance Sheets as receivables which are net of allowance for losses of $20 million as of September 30, 2020 and $9 million as of December 31, 2019. The changes in the balance between periods were immaterial. We do not have obligations for warranties, returns or refunds to customers.
For the majority of our contracts with customers, except for our market technology and listings services contracts, our performance obligations are short-term in nature and there is no significant variable consideration.
We do not have a material amount of revenue recognized from performance obligations that were satisfied in prior periods. We do not provide disclosures about transaction price allocated to unsatisfied performance obligations if contract durations are less than one year. Excluding our market technology contracts, for contract durations that are
one-year or greater, materially all of the transaction price allocated to unsatisfied performance obligations is included in deferred revenue. For our market technology contracts, the portion of transaction price allocated to unsatisfied performance obligations is shown in the table below. Deferred revenue primarily represents our contract liabilities related to our fees for annual and initial listings, market technology, corporate solutions and information services contracts. Deferred revenue is the only significant contract asset or liability as of September 30, 2020. See Note 7, “Deferred Revenue,” for our discussion on deferred revenue balances, activity, and expected timing of recognition.
Transaction Price Allocated to Remaining Performance Obligations
As stated above, for contract durations that are one-year or greater, we do not have a material portion of transaction price allocated to unsatisfied performance obligations that are not included in deferred revenue other than for our market technology contracts.
For our market technology contracts, the following table summarizes the amount of the transaction price allocated to performance obligations that are unsatisfied as of September 30, 2020:
(in millions)
2020(1)
$80 
2021295 
2022175 
202380 
202460 
2025 and thereafter140 
Total$830 
____________
(1)    Represents performance obligations to be recognized over the remaining three months of 2020.
Market technology deferred revenue, as discussed in Note 7, “Deferred Revenue,” represents consideration received that is yet to be recognized as revenue for unsatisfied performance obligations.
Deferred Revenue          
Deferred revenue represents consideration received that is yet to be recognized as revenue. The changes in our deferred revenue during the nine months ended September 30, 2020 are reflected in the following table: 
 Initial Listing RevenuesAnnual Listings RevenuesCorporate Solutions
Revenues		Information Services Revenues Market Technology Revenues
Other(1)
Total
 (in millions)
Balance at December 31, 2019$69 $2 $41 $82 $66 $14 $274 
Deferred revenue billed in the current period, net of recognition
29 66 44 67 36 8 250 
Revenue recognized that was included in the beginning of the period
(24)(2)(39)(58)(45)(8)(176)
Foreign currency translation adjustment1 (1)— — 3 1 4 
Balance at September 30, 2020$75 $65 $46 $91 $60 $15 $352 
____________
(1)    Balance at September 30, 2020 primarily includes deferred revenue from listing of additional shares fees. In the U.S., these fees will continue to run-off as a result of the implementation of our all-inclusive annual fee. Listing of additional shares fees are included in our Listing Services business.
As of September 30, 2020, we estimate that our deferred revenue will be recognized in the following years:
 Initial Listing RevenuesAnnual Listings RevenuesCorporate Solutions RevenuesInformation Services RevenuesMarket Technology Revenues
Other(1)
Total
 (in millions)
Fiscal year ended:  
2020(2)
$8 $65 $23 $39 $25 $4 $164 
202128 — 23 52 33 5 141 
202217 — — — 1 3 21 
202310 — — — 1 3 14 
20247 — — — — — 7 
2025 and thereafter
5 — — — — — 5 
Total$75 $65 $46 $91 $60 $15 $352 
____________
(1)    Other primarily includes revenues from listing of additional shares fees which are included in our Listing Services business.
(2)    Represents the estimated amortization to be recognized for the remaining three months of 2020.
The timing of recognition of our deferred market technology revenues is primarily dependent upon the completion of customization and any significant modifications made pursuant to existing market technology contracts. As such, as it relates to market technology revenues, the timing represents our best estimate.