Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of Commission Revenue by Fee Type

The following table presents commission revenue by fee type:

		Three Months Ended March 31,
		2024			2023
	(In thousands)
Commission revenue by fee type
Variable transaction fees
Disclosed trading	$		94,778	$		88,128
Open Trading – matched principal trading			48,180			54,236
U.S. government bonds - matched principal trading			3,712			4,864
Other			4,849			—
Total variable transaction fees			151,519			147,228
Distribution fees and unused minimum fees			33,354			34,763
Total commissions	$		184,873	$		181,991

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,
	2024		2023
	(In thousands)
Information services revenue by timing of recognition
Services transferred over time	$	11,874	$	10,659
Services transferred at a point in time		7		351
Total information services revenues	$	11,881	$	11,010

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,
	2024		2023
	(In thousands)
Post-trade services revenue by timing of recognition
Services transferred over time	$	10,540	$	9,955
Services transferred at a point in time		190		25
Total post-trade services revenues	$	10,730	$	9,980

Summary of Technology Services Revenue by Timing of Recognition

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

	Three Months Ended March 31,
	2024		2023
	(In thousands)
Technology services revenue by timing of recognition
Services transferred over time	$	2,830	$	188
Services transferred at a point in time		4		—
Total technology services revenues	$	2,834	$	188

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, 2023			Payments received in advance of services to be performed		Revenue recognized for services performed during the period			Foreign Currency Translation			March 31, 2024
		(In thousands)
Information services	$		3,049	$	3,437	$	(3,544	)	$	—		$	2,942
Post-trade services			923		6,498		(5,487	)		(7	)		1,927
Technology services			567		2,014		(2,110	)		—			471
Total deferred revenue	$		4,539	$	11,949	$	(11,141	)	$	(7	)	$	5,340