Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

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,
		2024			2023			2024			2023
	(In thousands)
Commission revenue by fee type
Variable transaction fees
Disclosed trading	$		91,273	$		73,763	$		272,828	$		240,315
Open Trading – matched principal trading			45,137			36,682			135,756			132,524
U.S. government bonds - matched principal trading			5,525			3,829			13,384			11,920
Other			4,802			—			14,728			—
Total variable transaction fees			146,737			114,274			436,696			384,759
Distribution fees and unused minimum fees			33,655			36,222			100,248			106,314
Total commissions	$		180,392	$		150,496	$		536,944	$		491,073

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,
	2024		2023		2024		2023
	(In thousands)
Information services revenue by timing    of recognition
Services transferred over time	$	12,787	$	11,341	$	36,764	$	33,487
Services transferred at a point in time		173		460		621		979
Total information services revenues	$	12,960	$	11,801	$	37,385	$	34,466

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,
	2024		2023		2024		2023
	(In thousands)
Post-trade services revenue by timing    of recognition
Services transferred over time	$	10,333	$	9,774	$	31,231	$	29,126
Services transferred at a point in time		49		59		281		102
Total post-trade services revenues	$	10,382	$	9,833	$	31,512	$	29,228

Summary of Technology Services Revenue by Timing of Recognition

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In thousands)
Technology services revenue by timing    of recognition
Services transferred over time	$	2,972	$	154	$	8,826	$	532
Services transferred at a point in time		9		—		26		—
Total technology services revenues	$	2,981	$	154	$	8,852	$	532

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		September 30, 2024
		(In thousands)
Information services	$		3,049	$	10,900	$	(10,843	)	$	—	$	3,106
Post-trade services			923		18,131		(17,516	)		48		1,586
Technology services			567		6,185		(6,332	)		—		420
Total deferred revenue	$		4,539	$	35,216	$	(34,691	)	$	48	$	5,112