Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Summary of Commission Revenue by Fee Type

The following table presents commission revenue by fee type:

	Three Months Ended March 31,
	2023		2022
	(In thousands)
Commission revenue by fee type
Variable transaction fees
Disclosed trading	$	88,128	$	87,067
Open Trading – matched principal trading		54,236		42,991
U.S. government bonds - matched principal trading		4,864		4,815
Total variable transaction fees		147,228		134,873
Distribution fees and unused minimum fees		34,763		31,240
Total commissions	$	181,991	$	166,113

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,
	2023		2022
	(In thousands)
Information services revenue by timing of recognition
Services transferred over time	$	10,659	$	9,485
Services transferred at a point in time		351		324
Total information services revenues	$	11,010	$	9,809

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,
	2023		2022
	(In thousands)
Post-trade services revenue by timing of recognition
Services transferred over time	$	9,955	$	9,871
Services transferred at a point in time		25		41
Total post-trade services revenues	$	9,980	$	9,912

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, 2022		Payments received in advance of services to be performed		Revenue recognized for services performed during the period			Foreign Currency Translation		March 31, 2023
	(In thousands)
Information services	$	3,121	$	2,666	$	(2,995	)	$	—	$	2,792
Post-trade services		869		7,701		(6,874	)		19		1,715
Total deferred revenue	$	3,990	$	10,367	$	(9,869	)	$	19	$	4,507