Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

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,
		2024			2023			2024			2023
	(In thousands)
Commission revenue by fee type
Variable transaction fees
Disclosed trading	$		86,778	$		78,424	$		181,556	$		166,552
Open Trading – matched principal trading			42,439			41,606			90,619			95,842
U.S. government bonds - matched principal trading			4,147			3,227			7,859			8,091
Other			5,076			—			9,925			—
Total variable transaction fees			138,440			123,257			289,959			270,485
Distribution fees and unused minimum fees			33,239			35,329			66,593			70,092
Total commissions	$		171,679	$		158,586	$		356,552	$		340,577

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,
	2024		2023		2024		2023
	(In thousands)
Information services revenue by timing of recognition
Services transferred over time	$	12,103	$	11,487	$	23,977	$	22,146
Services transferred at a point in time		441		168		448		519
Total information services revenues	$	12,544	$	11,655	$	24,425	$	22,665

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,
	2024		2023		2024		2023
	(In thousands)
Post-trade services revenue by timing of recognition
Services transferred over time	$	10,358	$	9,397	$	20,898	$	19,352
Services transferred at a point in time		42		18		232		43
Total post-trade services revenues	$	10,400	$	9,415	$	21,130	$	19,395

Summary of Technology Services Revenue by Timing of Recognition

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(In thousands)
Technology services revenue by timing of recognition
Services transferred over time	$	3,024	$	190	$	5,853	$	378
Services transferred at a point in time		13		—		18		—
Total technology services revenues	$	3,037	$	190	$	5,871	$	378

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			June 30, 2024
		(In thousands)
Information services	$		3,049	$	7,158	$	(7,176	)	$	—		$	3,031
Post-trade services			923		11,671		(10,871	)		(6	)		1,717
Technology services			567		4,101		(4,248	)		—			420
Total deferred revenue	$		4,539	$	22,930	$	(22,295	)	$	(6	)	$	5,168