Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Commission Revenue by Fee Type

The following table presents commission revenue by fee type:

		Year Ended December 31,
		2024			2023		2022
	(In thousands)
Commission revenue by fee type
Variable transaction fees
Disclosed trading	$		361,252	$		323,038	$	321,603
Open Trading – matched principal trading			177,966			178,517		175,440
U.S. government bonds - matched principal trading			19,310			15,222		16,978
Other			20,016			4,979		—
Total variable transaction fees			578,544			521,756		514,021
Distribution fees and unused minimum fees			133,166			141,208		127,162
Total commissions	$		711,710	$		662,964	$	641,183

Summary of Information Services Revenue by Timing of Recognition

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

	Year Ended December 31,
	2024		2023		2022
	(In thousands)
Information services revenue by timing    of recognition
Services transferred over time	$	49,560	$	45,102	$	38,452
Services transferred at a point in time		980		1,281		862
Total information services revenues	$	50,540	$	46,383	$	39,314

Summary of Post-Trade Services Revenue by Timing of Recognition

The following table presents post-trade services revenue by timing of recognition:

	Year Ended December 31,
	2024		2023		2022
	(In thousands)
Post-trade services revenue by timing    of recognition
Services transferred over time	$	42,170	$	40,061	$	36,835
Services transferred at a point in time		317		117		42
Total post-trade services revenues	$	42,487	$	40,178	$	36,877

Summary of Technology Services Revenue by Timing of Recognition

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

	Year Ended December 31,
	2024		2023		2022
	(In thousands)
Technology services revenue by timing    of recognition
Services transferred over time	$	12,334	$	3,021	$	926
Services transferred at a point in time		26		1		-
Total technology services revenues	$	12,360	$	3,022	$	926

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			December 31, 2024
		(In thousands)
Information services	$		3,049	$	14,948	$	(14,695	)	$	—		$	3,302
Post-trade services			923		20,436		(20,060	)		(13	)		1,286
Technology services			567		8,213		(8,365	)		—			415
Total deferred revenue	$		4,539	$	43,597	$	(43,120	)	$	(13	)	$	5,003