Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2023

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,
	2023		2022		2023		2022
	(In thousands)
Commission revenue by fee type
Variable transaction fees
Disclosed trading	$	73,763	$	74,767	$	240,315	$	246,520
Open Trading – matched principal trading		36,682		42,845		132,524		128,460
U.S. government bonds - matched principal trading		3,829		4,160		11,920		13,487
Total variable transaction fees		114,274		121,772		384,759		388,467
Distribution fees and unused minimum fees		36,222		31,392		106,314		94,273
Total commissions	$	150,496	$	153,164	$	491,073	$	482,740

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,
	2023		2022		2023		2022
	(In thousands)
Information services revenue by timing of recognition
Services transferred over time	$	11,341	$	9,524	$	33,487	$	28,232
Services transferred at a point in time		460		187		979		684
Total information services revenues	$	11,801	$	9,711	$	34,466	$	28,916

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,
	2023		2022		2023		2022
	(In thousands)
Post-trade services revenue by timing of recognition
Services transferred over time	$	9,774	$	9,000	$	29,126	$	28,014
Services transferred at a point in time		59		—		102		42
Total post-trade services revenues	$	9,833	$	9,000	$	29,228	$	28,056

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		September 30, 2023
	(In thousands)
Information services	$	3,121	$	9,042	$	(9,329	)	$	—	$	2,834
Post-trade services		869		17,373		(17,341	)		6		907
Total deferred revenue	$	3,990	$	26,415	$	(26,670	)	$	6	$	3,741