Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Summary of Commission Revenue by Fee Type

The following table presents commission revenue by fee type:

	Three Months Ended March 31,
	2022		2021
	(In thousands)
Commission revenue by fee type
Variable transaction fees
Disclosed trading	$	87,067	$	98,818
Open Trading – matched principal trading		42,991		46,320
U.S. Treasuries – matched principal trading		4,815		3,260
Total variable transaction fees		134,873		148,398
Distribution fees and unused minimum fees		31,240		27,440
Total commissions	$	166,113	$	175,838

Summary of Information Services Revenue by Timing of Recognition

The following table presents information services revenue by timing of recognition:

	Three Months Ended March 31,
	2022		2021
	(In thousands)
Information services revenue by timing of recognition
Services transferred over time	$	9,485	$	9,045
Services transferred at a point in time		324		117
Total information services revenues	$	9,809	$	9,162

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 March 31,
	2022		2021
	(In thousands)
Post-trade services revenue by timing of recognition
Services transferred over time	$	9,871	$	10,020
Services transferred at a point in time		41		241
Total post-trade services revenues	$	9,912	$	10,261

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, 2021		Payments received in advance of services to be performed		Revenue recognized for services performed during the period			Foreign Currency Translation			March 31, 2022
	(In thousands)
Information services	$	3,528	$	2,457	$	(2,710	)	$	—		$	3,275
Post-trade services		720		4,873		(3,996	)		(20	)		1,577
Total deferred revenue	$	4,248	$	7,330	$	(6,706	)	$	(20	)	$	4,852