Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Summary of Commission Revenue by Fee Type

The following table presents commission revenue by fee type:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In thousands)
Commission revenue by fee type
Variable transaction fees
Disclosed trading	$	74,767	$	75,044	$	246,520	$	258,443
Open Trading – matched principal trading		42,845		34,356		128,460		120,557
U.S. Treasuries – matched principal trading		4,160		2,748		13,487		8,645
Total variable transaction fees		121,772		112,148		388,467		387,645
Distribution fees and unused minimum fees		31,392		30,678		94,273		87,450
Total commissions	$	153,164	$	142,826	$	482,740	$	475,095

Summary of Information Services Revenue by Timing of Recognition

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In thousands)
Information services revenue by timing of recognition
Services transferred over time	$	9,524	$	9,389	$	28,232	$	27,946
Services transferred at a point in time		187		219		684		668
Total information services revenues	$	9,711	$	9,608	$	28,916	$	28,614

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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
	(In thousands)
Post-trade services revenue by timing of recognition
Services transferred over time	$	9,000	$	9,444	$	28,014	$	29,544
Services transferred at a point in time		—		—		42		9
Total post-trade services revenues	$	9,000	$	9,444	$	28,056	$	29,553

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			September 30, 2022
	(In thousands)
Information services	$	3,528	$	7,896	$	(8,266	)	$	—		$	3,158
Post-trade services		720		11,147		(10,535	)		(126	)		1,206
Total deferred revenue	$	4,248	$	19,043	$	(18,801	)	$	(126	)	$	4,364