Business Segments (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Schedule of Operating Segments

The following table presents certain information regarding our business segments for the three and nine months ended September 30, 2020 and 2019:

	Market Services		Corporate Services		Information Services		Market Technology		Corporate Items		Consolidated
	(in millions)
Three Months Ended September 30, 2020
Total revenues	$	958	$	132	$	238	$	86	$	—	$	1,414
Transaction-based expenses	(699)		—		—		—		—		(699)
Revenues less transaction-based expenses	259		132		238		86		—		715
Operating income (loss)	$	154	$	51	$	155	$	9	$	(43)	$	326
Three Months Ended September 30, 2019
Total revenues	$	690	$	124	$	198	$	84	$	—	$	1,096
Transaction-based expenses	(464)		—		—		—		—		(464)
Revenues less transaction-based expenses	226		124		198		84		—		632
Operating income (loss)	$	129	$	45	$	126	$	15	$	(89)	$	226
Nine Months Ended September 30, 2020
Total revenues	$	2,867	$	386	$	661	$	251	$	—	$	4,165
Transaction-based expenses	(2,050)		—		—		—		—		(2,050)
Revenues less transaction-based expenses	817		386		661		251		—		2,115
Operating income (loss)	$	509	$	145	$	420	$	32	$	(190)	$	916
Nine Months Ended September 30, 2019
Total revenues	$	1,995	$	368	$	585	$	239	$	10	$	3,197
Transaction-based expenses	(1,308)		—		—		—		—		(1,308)
Revenues less transaction-based expenses	687		368		585		239		10		1,889
Operating income (loss)	$	392	$	134	$	372	$	29	$	(170)	$	757

Schedule of Corporate Items

A summary of our corporate items is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in millions)
Revenues - divested business	$	—	$	—	$	—	$	10
Expenses:
Amortization expense of acquired intangible assets	26		25		76		76
Merger and strategic initiatives expense	1		10		12		25
Restructuring charges	11		30		36		30
Provision for notes receivable	6		20		6		20
Extinguishment of debt	—		—		36		11
Charitable donations	—		—		17		—
Expenses - divested business	—		—		—		8
Other	(1)		4		7		10
Total expenses	43		89		190		180
Operating loss	$	(43)	$	(89)	$	(190)	$	(170)