In the fourth quarter of 2023, following the closing of the

Adenza acquisition, our management approved, committed to

and initiated a restructuring program, “Adenza

Restructuring” to optimize our efficiencies as a combined

organization. We initiated the program upon the acquisition

of Adenza and further expanded the program in the fourth

quarter of 2024 following the achievement of our initial

targets. We have incurred costs principally related to

employee-related costs, contract terminations, asset

impairments and other related costs and expect to incur

additional costs in these areas in an effort to accelerate

efficiencies through location strategy and enhanced AI

capabilities. Actions taken as part of this program were

completed as of December 31, 2025, and all costs have been

incurred as of June 30, 2026. Total costs incurred since the

inception of the program were $139 million. We have

achieved benefits primarily in the form of expense synergies

with over $160 million net expense synergies actioned

Costs related to this program are recorded as restructuring

charges in the Condensed Consolidated Statements of

The following table presents a summary of the Adenza

restructuring program charges for the three and six months


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
	(in millions)
Consulting services	$6	$1	$10	$2
Employee-related costs	3	7	7	11
Other	5	1	7	2
Total restructuring charges	$14	$9	$24	$15