Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

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,
	2023		2022		2023		2022
	(In thousands)
Commission revenue by fee type
Variable transaction fees
Disclosed trading	$	78,424	$	84,686	$	166,552	$	171,753
Open Trading – matched principal trading		41,606		42,624		95,842		85,615
U.S. government bonds - matched principal trading		3,227		4,512		8,091		9,327
Total variable transaction fees		123,257		131,822		270,485		266,695
Distribution fees and unused minimum fees		35,329		31,641		70,092		62,881
Total commissions	$	158,586	$	163,463	$	340,577	$	329,576

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,
	2023		2022		2023		2022
	(In thousands)
Information services revenue by timing of recognition
Services transferred over time	$	11,487	$	9,223	$	22,146	$	18,708
Services transferred at a point in time		168		173		519		497
Total information services revenues	$	11,655	$	9,396	$	22,665	$	19,205

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,
	2023		2022		2023		2022
	(In thousands)
Post-trade services revenue by timing of recognition
Services transferred over time	$	9,397	$	9,143	$	19,352	$	19,014
Services transferred at a point in time		18		1		43		42
Total post-trade services revenues	$	9,415	$	9,144	$	19,395	$	19,056

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		June 30, 2023
	(In thousands)
Information services	$	3,121	$	5,891	$	(6,108	)	$	—	$	2,904
Post-trade services		869		12,359		(11,867	)		39		1,400
Total deferred revenue	$	3,990	$	18,250	$	(17,975	)	$	39	$	4,304