Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Summary of Commission Revenue by Fee Type

The following table presents commission revenue by fee type:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)
Commission revenue by fee type
Variable transaction fees
Disclosed trading	$	84,686	$	84,581	$	171,753	$	183,399
Open Trading – matched principal trading		42,624		39,881		85,615		86,201
U.S. Treasuries – matched principal trading		4,512		2,637		9,327		5,897
Total variable transaction fees		131,822		127,099		266,695		275,497
Distribution fees and unused minimum fees		31,641		29,332		62,881		56,772
Total commissions	$	163,463	$	156,431	$	329,576	$	332,269

Summary of Information Services Revenue by Timing of Recognition

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)
Information services revenue by timing of recognition
Services transferred over time	$	9,223	$	9,512	$	18,708	$	18,557
Services transferred at a point in time		173		332		497		449
Total information services revenues	$	9,396	$	9,844	$	19,205	$	19,006

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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In thousands)
Post-trade services revenue by timing of recognition
Services transferred over time	$	9,143	$	9,848	$	19,014	$	20,100
Services transferred at a point in time		1		—		42		9
Total post-trade services revenues	$	9,144	$	9,848	$	19,056	$	20,109

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			June 30, 2022
	(In thousands)
Information services	$	3,528	$	4,948	$	(5,455	)	$	—		$	3,021
Post-trade services		720		8,167		(7,491	)		(72	)		1,324
Total deferred revenue	$	4,248	$	13,115	$	(12,946	)	$	(72	)	$	4,345